General Option Sample Clauses

A General Option clause grants one party the right, but not the obligation, to take a specific action under the contract, such as purchasing additional goods, extending a service period, or entering into a further agreement. This clause typically outlines the conditions under which the option can be exercised, including any time limits, notice requirements, or pricing terms. Its core practical function is to provide flexibility and certainty for the option holder, allowing them to make future decisions based on changing circumstances while ensuring the other party is aware of potential obligations.
General Option. At any time after the period beginning on May 26, 1996, upon 90 days prior written notice to the Company (such notice being herein referred to as the "Put Notice"), provided the Company's stock is no longer publicly traded, the Holder shall have the option to require the Company to purchase this Warrant and/or the Shares of Common Stock issued pursuant hereto (or any portion thereof) for a price equal to the product of (i) the percentage ownership of the Common Stock of the Company represented by this Warrant and the Shares of Common Stock issued pursuant hereto that the Holder wishes to require the Company to purchase under this Section 7(b) (expressed as a decimal and calculated on a fully diluted basis), and (ii) the greater of the following values, all calculated as of the last day of the month immediately preceding the date the Put Notice is delivered to the Company (a) 150% of the net book value of the Company, (b) 400% of the earnings before interest, taxes, depreciation and amortization (less any outstanding funded debt to The Catalyst Fund, Ltd. and other lenders) ("EBITDA") of the Company for the preceding 24 month period ended on the last day of the month immediately preceding the date the Put Notice is delivered to the Company, or (C) at the, option of the Holder, the appraised value of the Company. The appraised value of the Company shall be determined as of the last day of the month immediately preceding the date the Put Notice is delivered to the Company in the following manner: First, the Holder shall select and pay for an appraisal of the Company performed by a certified appraiser (the "First Appraisal"). The appraised value of the Company as determined by the First Appraisal shall be binding upon the Company and the Holder as the appraised value of the Company unless the Company shall notify the Holder in writing of its objection to such appraised value within 30 days of the Company's receipt of notice of such appraised value (the "First Appraisal Notice"). If the Company so notifies the Holder, the appraisal value of the Company determined by the First Appraisal shall nevertheless remain the appraised value of the Company unless the Company shall pay for and obtain a second appraisal value of the Company from a certified appraiser (the "Second Appraisal") and deliver such Second Appraisal to the Holder within 30 days of receipt of the First Appraisal Notice. If the Company complies with the requirements of the preceding sentence, the Sec...
View SourceView Similar (4)
General Option. At any time after the period beginning on January 28, 1998, upon 90 days prior written notice to the Company (such notice being herein referred to as the "Put Notice"), provided the Company's stock is no longer publicly traded, the Holder shall have the option to require the Company to purchase this Warrant and/or the Shares of Common Stock issued pursuant hereto (or any portion thereof) for a price equal to the product of (i) the percentage ownership of the Common Stock of the Company represented by this Warrant and the Shares of Common Stock issued pursuant hereto that the Holder wishes to require the Company to purchase under this Section 7(b) (expressed as a decimal and calculated on a fully diluted basis), and (ii) the greater of the following values, all calculated as of the last day of the month immediately preceding the date the Put Notice is delivered to the Company (A) 150% of the net book value of the Company, (B) 400% of the earnings before interest, taxes, depreciation and amortization (less any outstanding funded debt to The Catalyst Fund, Ltd. and other lenders) ("EBITDA") of the Company for the preceding 24
View SourceView Similar (2)
General Option. (1) Subject to the terms and conditions of this Agreement, the Parties intend to collaborate on the development [***]. Gilead will prepare an initial, high level development plan for each Product, which plan shall set forth the initial development activities to be conducted under this Agreement (any such product development plan, as may be updated from time to time by Gilead through the JDC and subject to Section 4.1(a)(4)), is hereinafter referred to as a “Product Development Plan” or “PDP”). Gilead will [***]. Durect shall [***]. The timelines, anticipated Durect Costs, and other details associated with performing the Durect Development Activities will be set forth in each PDP (such details, the “Requirements”). In the event that [***]. If Gilead chooses the foregoing clause (ii) option, then [***]. (2) An initial, high level Product Development Plan for the first Product is attached hereto as Exhibit 4.1(a)(2). (3) At Gilead’s request from time to time, the Parties (including, through the JDC) shall discuss in good faith each Product Development Plan (or an amendment thereto) for each different (i.e., alternative formulation of) Product, including discussing activities that could be potentially performed by Durect. [***]. (4) From time to time upon agreement of the Parties (through the JDC), but no less frequently than [***], the Parties (through the JDC) shall amend each PDP to update activities for which Durect will be responsible and will obtain reimbursement from Gilead. (5) Each PDP may include, among other things, activities related to [***]. (6) Except for the Durect Development Activities, which will be the responsibility of and conducted by Durect or its Contractors, and subject to the oversight of the JDC, [***] Gilead, directly or through its Affiliates or Sublicensees, shall [***]; provided that [***], [***] Gilead shall keep Durect reasonably informed as to the progress of such development activities by providing written reports of such activities and the data resulting therefrom on [***] basis, or otherwise upon Durect’s reasonable request from time-to-time, until, on a Product-by-Product basis, the earlier [***] It is understood and agreed that, as between the Parties, all development efforts for Product for the Field in the Territory shall be at the sole expense of Gilead including reimbursement of the Durect Development Activities that are pre-approved in writing by Gilead, as set forth in Section 6.1.
View Source
General Option. Executive and Company have entered into an agreement dated the 17th day of February, 1994 and entitled “Agreement for Compensation on Discharge Subsequent to a Change in Control” (the “Change in Control Agreement”) the term of which has been extended to February 17, 2004. It is agreed that in the event there is a termination of the employment of Executive with Company and as a result of such termination Executive would but for any election pursuant to the provisions of this Section 9, become entitled to payment under the Change in Control Agreement, he shall within ninety (90) days of such termination elect to receive either (a) all of the payments and other benefits provided for by the terms of this Agreement or (b) all of the payments and other benefits provided for by the provisions of the Change in Control Agreement; but in no event shall he be entitled to benefits under this Agreement and any provision of the Change in Control Agreement. Further, in the event Executive elects to receive payments and benefits under this Agreement or under the Change in Control Agreement, he shall be entitled to no other payments or damages for termination of employment. It is further agreed that notice by Company that its election to terminate this Agreement as provided in Subsection 3b hereof shall be deemed a discharge for purposes of applying the provisions of the Change in Control Agreement. In the event, Executive elects to receive payments and benefits pursuant to the provisions of the Change in Control Agreement and it is subsequently determined that he is not entitled to benefits thereunder but there is no determination that he was discharged for cause for purposes of the Change in Control Agreement, Executive shall be entitled to payments and benefits pursuant to the provisions of this Agreement if and to the extent that but for such election he would have been so entitled.
View Source
General Option. An employee who has opted for transfer to another classification in lieu of retrenchment shall have 8 weeks in which to change their mind and accept retrenchment terms which were available at the time of transfer.
View Source
General Option. An employee who has opted for transfer to another classification in the plant in lieu of retrenchment shall have three months in which to change their mind and accept retrenchment terms which were available to them at the time of transfer.
View Source

Related to General Option

  • Minimum Exercise No fewer than 1001 shares of Common Stock may be purchased at any one time, unless the number purchased is the total number at the time exercisable under the Option.

  • Method of Exercise; Payment; Issuance of New Warrant Subject to Section 1 hereof, the purchase right represented by this Warrant may be exercised by the holder hereof, in whole or in part and from time to time, at the election of the holder hereof, by: (a) the surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A-1 duly completed and executed) at the principal office of the Company and by the payment to the Company, by certified or bank check, or by wire transfer to an account designated by the Company (a “Wire Transfer”) of an amount equal to the then applicable Warrant Price multiplied by the number of Shares then being purchased; (b) if in connection with a registered public offering of the Company’s securities, the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A-2 duly completed and executed) at the principal office of the Company together with notice of arrangements reasonably satisfactory to the Company for payment to the Company either by certified or bank check or by Wire Transfer from the proceeds of the sale of shares to be sold by the holder in such public offering of an amount equal to the then applicable Warrant Price per share multiplied by the number of Shares then being purchased; or (c) exercise of the “net issuance” right provided for in Section 10.2 hereof. The person or persons in whose name(s) any certificate(s) representing Shares shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised. In the event of any exercise of the purchase rights represented by this Warrant, certificates for the Shares so purchased shall be delivered to the holder(s) hereof as soon as possible and in any event within thirty (30) days after such exercise and, unless this Warrant has been fully exercised or expired, a new Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the holder(s) hereof as soon as possible and in any event within such thirty (30)-day period; provided, however, at such time as the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), if requested by the holder of this Warrant, the Company shall cause its transfer agent to deliver the certificate representing Shares issued upon exercise of this Warrant to a broker or other person (as directed by the holder exercising this Warrant) within the time period required to settle any trade made by the holder after exercise of this Warrant.

  • Option B For the first 4 weeks of leave, the University will pay 100% of regular salary.

  • Option 1 With receipts, an employee may be reimbursed for meal expenses up to $50.00 per day, including tax and gratuity, for three (3) meals, or when separate meals are claimed, eleven dollars ($11.00) for breakfast; fifteen dollars ($15.00) for lunch; and twenty-four dollars ($24.00) for dinner, all including tax and gratuity.

  • Exercise of Stock Option (a) The Optionee may exercise this Option only in the following manner: from time to time on or prior to the Expiration Date of this Option, the Optionee may give written notice to the Board of Directors or its authorized committee (the “Administrator”) of his or her election to purchase some or all of the vested Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased. Payment of the Stock Option purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) in the form of shares of Stock that are not then subject to restrictions under any Company plan and that have been held by the Optionee for at least six months prior to the exercise date; or (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Administrator to pay the Stock Option purchase price, provided that in the event the Optionee chooses to pay the Stock Option purchase price as so provided in this subsection (iii), the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure. Payment instruments will be received subject to collection. The delivery of certificates representing the Option Shares will be contingent upon the Company’s receipt from the Optionee of full payment for the Option Shares, as set forth above and any agreement, statement or other evidence that the Administrator may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. (b) Certificates for shares of Stock purchased upon exercise of this Stock Option shall be issued and delivered to the Optionee upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of the shares subject to this Stock Option, or to have any of the rights of a holder, unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company shall have issued and delivered the shares to the Optionee, and the Optionee’s name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock. (c) The minimum number of shares with respect to which this Stock Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time. (d) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof.