Conditions of Exercise of First Option Clause Samples

Conditions of Exercise of First Option. Athena may exercise the First Option and acquire a 10% Interest, by: (a) paying to Nubian the non-refundable amount of USD $10,000 forthwith upon the due execution and delivery of the LOI by Athena and Nubian, the receipt of which payment is hereby acknowledged by the Parties; and (b) issuing to Nubian or its nominees 5,000,000 (pre-Consolidation) shares of common stock, at a deemed issuance price of $0.05 per share, within five (5) Business Days of the due execution and delivery of this Agreement by all Parties; provided that Nubian or its nominees, as the case may be, shall have executed and delivered to Athena an Investor Certificate, in the form attached as Schedule "D" hereto, prior to the issuance by Athena of the Option Shares and the Anti-Dilution Shares, (collectively, the "First Option Exercise Conditions").
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Conditions of Exercise of First Option. The right of Nevada Lithium to exercise the First Option and acquire a 20% Interest is conditional on Nevada Lithium Funding Expenditures on the Mineral Rights of an aggregate amount of $1,600,000 (the “First Option Expenditures”) as follows: (a) $300,000 in Expenditures on or before the day that is 14 days after the Effective Date; (b) $180,000 in Expenditures on or before January 8, 2021; (c) $720,000 in Expenditures on or before February 8, 2021; and (d) $400,000 in Expenditures on or before March 8, 2021.
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Conditions of Exercise of First Option. In order for Silver Dollar to exercise the First Option, Silver Dollar shall:
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Conditions of Exercise of First Option. The right of ▇▇▇▇▇▇ to exercise the First Option and acquire a 49% Earned Interest is conditional on ▇▇▇▇▇▇ incurring Expenditures, making the cash payments and causing the Unit Issuance to complete, all in the amounts and at the times specified below: (a) paying to the members of the CSG Group $500,000 on the Effective Date in the proportions listed under Section 4.4 (“Initial Payment”); (b) issuing and allotting to the members of the CSG Group 12,000,000 Units on the Effective Date at a deemed price of $0.20 per Unit in the proportions listed under Section 4.5 (“Unit Issuance”); (c) incurring not less than $2,000,000 in Expenditures (“First Expenditure Condition”) on or before the first anniversary of the Effective Date (“First Expenditure Deadline”); (d) paying to the members of the CSG Group an additional sum of $500,000 (“Second Payment”) on or before the expiry of 14 months from the Effective Date in the proportions listed under Section 4.4; and (e) incurring not less than an additional $3,000,000 in Expenditures (“Second Expenditure Condition”) on or before the First Option Deadline, (collectively, the “First Option Conditions”).
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Related to Conditions of Exercise of First Option

  • Exercise of Right of First Refusal At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

  • Limitations on Exercise of Option a. The exercise of this Option will be contingent upon receipt from the Optionee (or the purchaser acting under Section 7 below) of the full Exercise Price of such Option Shares. Payment may be made in cash or by a cashier’s or certified check. However, in the sole discretion of the Board of Directors or the Committee, and subject to such terms and conditions as the Board of Directors or Committee deems appropriate in its discretion, payment of the Exercise Price or a portion thereof may be made by surrender to the Company of previously acquired shares of Common Stock, such shares to be credited against the Exercise Price based upon the Fair Market Value thereof on the date of exercise, or by a combination of the above. No Option Shares will be issued until full payment therefor has been made and the Optionee has executed any and all agreements that the Company may require the Optionee to execute. b. The issuance of Option Shares upon the exercise of this Option shall be subject to all applicable laws, rules, and regulations. If, in the opinion of the Board of Directors of the Company or a Committee of the Board of Directors, (i) the listing, registration, or qualification of the Option Shares upon any securities exchange or under any state or federal law, (ii) the consent or approval of any regulatory body, or (iii) an agreement of the Optionee with respect to the disposition of the Option Shares, is necessary or desirable as a condition to the issuance or sale of the Option Shares, this Option shall not be exercised and/or the Option Shares shall not be sold unless and until such listing, registration, qualification, consent, approval or agreement is effected or obtained in form satisfactory to the Board of Directors or the Committee.

  • Reservation of Stock Issuable on Exercise of Warrant The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of the Warrant, shares of Common Stock (or Other Securities) from time to time issuable on the exercise of the Warrant.

  • Reservation of Stock, Etc., Issuable on Exercise of Warrant The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of this Warrant, shares of Common Stock (or Other Securities) from time to time issuable on the exercise of this Warrant.

  • Conditions of Exercise Unless otherwise determined by the Board in its sole discretion, the Option will be exercisable only in accordance with the conditions stated in this Section 3. (a) Except as otherwise provided in Section 10.1(b) of the Plan or in the last sentence of this Section 3(a), the Option will not be exercisable until the Initial Vesting Date and may be exercised thereafter only to the extent it has become exercisable in accordance with the following schedule: (i) On and after the Initial Vesting Date, the Option shall be exercisable as to 33.34% of the Option Shares; (ii) On and after the second Annual Meeting Date following the Effective Date, the Option shall be exercisable as to 66.67% of the Option Shares; and (iii) On and after the third Annual Meeting Date following the Effective Date, the Option shall be exercisable as to 100% of the Option Shares. [Please refer to the website of the Third Party Administrator for the specific vesting schedule related to the exercisability of the Option (click on the specific grant under the tab labeled “Grants/Award/Units”).] Notwithstanding the foregoing, the Option will become exercisable in full on the date of the Grantee’s termination of service as a Nonemployee Director if (i) the Grantee’s service as a Nonemployee Director terminates by reason of Disability or (ii) the Grantee dies while serving as a Nonemployee Director. (b) To the extent the Option becomes exercisable, the Option may be exercised in whole or in part (at any time or from time to time, except as otherwise provided herein) until expiration of the Term or earlier termination thereof. (c) The Grantee acknowledges and agrees that the Board may, in its discretion and as contemplated by Section 3.3 of the Plan, adopt rules and regulations from time to time after the date hereof with respect to the exercise of the Option and that the exercise by the Grantee of the Option will be subject to the further condition that such exercise is made in accordance with all such rules and regulations as the Board may determine are applicable thereto.