Conditions of Options Clause Samples

The "Conditions of Options" clause defines the specific requirements and circumstances under which an option—such as the right to purchase, sell, or extend a contract—may be exercised by a party. This clause typically outlines prerequisites like notice periods, payment of option fees, or fulfillment of certain obligations before the option becomes valid. By clearly stating these conditions, the clause ensures that both parties understand what must occur for the option to be activated, thereby reducing ambiguity and preventing disputes over the exercise of contractual options.
Conditions of Options. Each Option so granted shall be subject to the following conditions:
View SourceView Similar (3)
Conditions of Options. 8 3.4 Exercise........................................................................................9 4. CONSIDERATION............................................................................................9 4.1.1 Payment................................................................................9
View Source
Conditions of Options. The option granted to GM and GE above shall be --------------------- subject to the following: 1. Maximum Usage Available ----------------------- (a) GE and GM may each obtain through exercise of its respective option up to twenty-five percent (25%) of the total availability of the apparatus, up to a combined total for both GE and GM of fifty percent (50%) of the total availability of the apparatus. (b) Should either GE or GM elect to exercise its option for less than 25% of total availability of the apparatus, or fail to timely exercise its option for any amount of use, then SMS shall provide prompt written notification to the other party of such election or failure. The other party may then elect within thirty (30) days of receipt of such notice to increase the amount of use exercised under its option to include that available usage not exercised by the first party. For example, should GM exercise its option for the full 25% of total usage and GE its exercise option for 10% of total usage. SMS would notify GM of GE's election and that an additional 15% of total apparatus usage was available. GM could then exercise by written notice to SMS within 30 days thereafter an additional option for up to an additional 15% of the total apparatus usage.
View Source
Conditions of Options. (a) Unless the Companies have the right to cancel as provided in Section XIV or Section XV, __% of the Shares covered under the Option shall be exercisable at _________, 20__, __% at _________, 20__, and ___% at _________, 20__ (each a "Vested Percentage"). The number of Shares available for purchase pursuant to the Option is as follows:
View Source
Conditions of Options. Tenant shall have two (2) options to extend the Term (each, an “Extension Option”) for period of five (5) years each (each, an “Extension Term”), subject to the conditions described in this Article 20, with each such Extension Term commencing on the day after the expiration of the previous Term. The second Extension Option shall not be exercisable unless Tenant exercises the first Extension Option. Tenant shall have no other right to extend the Term except as set forth in this Article 20. Each Extension Option may be exercised only by written notice delivered by Tenant to Landlord (the “Extension Notice”) not less than twelve (12) months prior to the expiration of the initial Term or the first Extension Term (as applicable). If Tenant fails to deliver timely notice, Tenant shall be considered to have elected not to exercise the subject Extension Option. If Tenant properly exercises an Extension Option and (i) there is no Event of Default under this Lease either at the time of exercising the Extension Option or at the end of the initial Term or the first Extension Term (as applicable), (ii) Tenant has not assigned the Lease or sublet the Premises other than pursuant to a Permitted Transfer, and (iii) Tenant or a Permitted Transferee occupies the Premises, the Term, as it applies to the entire Premises, shall be extended for such Extension Term upon the terms and conditions set forth herein.
View Source

Related to Conditions of Options

  • Terms and Conditions of Options The Options evidenced hereby are subject to the following terms and conditions:

  • Terms and Conditions of Award The grant of Restricted Stock Units provided in Section 1(a) shall be subject to the following terms, conditions and restrictions:

  • 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.

  • TERMS AND CONDITIONS OF OFFER This is an offer to purchase the Property in accordance with the above-stated terms and conditions of this Agreement. If at least one, but not all, of the Parties initial such pages, a counteroffer is required until an agreement is reached. The Seller has the right to continue to offer the Property for sale and to accept any other offer at any time prior to notification of acceptance. If this offer is accepted and the Buyer subsequently defaults, the Buyer may be responsible for payment of licensed real estate agent(s) compensation. This Agreement and any supplement, addendum, or modification, including any copy, may be signed in two or more counterparts, all of which shall constitute one and the same writing.

  • Additional Terms and Conditions of Award NONTRANSFERABILITY OF SHARES. Prior to the date on which Shares subject to this Award vest pursuant to Section 3 hereof, such Shares may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Any such attempted sale, transfer, assignment, pledge, hypothecation or encumbrance, or other disposition of such Shares shall be null and void.