Common use of Exercise of the Call Option Clause in Contracts

Exercise of the Call Option. The Foundation may exercise the Call Option in its sole discretion, provided that such exercise must be consistent with and solely to further its objectives and purpose as set out in the Articles. The Foundation may exercise the Call Option by a means of an Exercise Notice. The Exercise Notice shall state the number of Preferred Shares for which the Foundation exercises the Call Option and subscribes for on that occasion (such number, together with any number of Preferred Shares already subscribed for and held by the Foundation when exercising the Call Option on that occasion, not to exceed the Maximum at the relevant moment). Upon an exercise of the Call Option in accordance with this Section 3 and receipt of the Exercise Notice by the Company, the relevant number of Preferred Shares is considered to have been issued to the Foundation immediately. In this respect, subject to receipt by the Company of the relevant Exercise Notice in accordance with the terms of this Agreement, such Exercise Notice shall constitute the subscription for the relevant number of Preferred Shares by the Foundation and the issuance of those Preferred Shares by the Company, represented for this purpose by the Foundation under the power of attorney referred to in Section 10.

Appears in 2 contracts

Sources: Call Option Agreement, Call Option Agreement (Mylan N.V.)