Grant and Exercise of Option Clause Samples

Grant and Exercise of Option. The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire a 100% undivided interest in and to the Property free and clear of all charges, encumbrances and claims.

Grant and Exercise of Option. (a) The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire up to an undivided 100% right, title and interest in and to the Property, free and clear of all charges, encumbrances, claims, liabilities and adverse interests of any nature or kind, except for the Royalty. (b) The Option shall be in good standing and exercisable by the Optionee by paying the following amounts on or before the dates specified in the following schedule: (i) paying the Optionor $250,000 within three (3) business days of the date of this Agreement; (ii) within 30 days of the execution of this Agreement, issuing to the Optionor 1,000,000 Shares in the capital stock of the Optionee; (iii) on or before the first anniversary of the execution of this Agreement, issuing to the Optionor 1,000,000 Shares in the capital stock of the Optionee; (iv) on or before the second anniversary of the execution of this Agreement, issuing to the Optionor 1,000,000 Shares in the capital stock of the Optionee; (v) paying all property payments as they become due. (c) The Optionee shall use commercially reasonable efforts to incur the following annual work commitments as currently recommended and agreed to by the parties: (i) exploration expenditures on the Property of $800,000 on or before the first anniversary of the execution of this Agreement; (ii) exploration expenditures on the Property of $1,200,000 on or before the second anniversary of the execution of this Agreement; and (iii) exploration expenditures on the Property of $1,600,000 on or before the third anniversary of the execution of this Agreement; In the event that the Optionee spends, in any period, more than the specified sum, the excess shall be carried forward and applied to the exploration expenditures to be incurred in the succeeding period. (d) The Optionor acknowledges and agrees that the Shares will be issued in accordance with all applicable securities laws and will be subject to hold periods and restrictions on resale in accordance with applicable securities laws and it is the Optionor's responsibility to determine what those hold periods and restrictions are before selling or otherwise transferring any Shares.

Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of 360,000 shares of the authorized and unissued Common Stock of the Company, having a par value of $.0066 per share, at the price of $3.69 per share (the “Option”), upon and subject to the following terms and conditions: (a) The Option may be exercised before April 28, 2020 (the "Expiration Date") and, within such period, only at the following times and in the following amounts: (i) After the expiration of one (1) year from the date of this Agreement, the Option may be exercised to the extent of up to TWENTY-FIVE (25%) PERCENT of the shares of Common Stock granted in Paragraph 1 hereof; (ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised for up to FIFTY (50%) PERCENT of the shares of Common Stock granted in Paragraph 1 hereof; (iii) After the expiration of three (3) years from the date of this Agreement, the Option may be exercised to the extent of up to SEVENTY-FIVE (75%) PERCENT of the shares of Common Stock granted in Paragraph 1 hereof ; and (iv) After the expiration of four (4) years from the date of this Agreement, the Option may be exercised to the extent of ONE HUNDRED (100%) PERCENT of the shares of Common Stock granted in Paragraph 1 hereof. (v) Notwithstanding the vesting of the Option in accordance with subparagraphs (i)-(iv), above, Optionee shall not have the right to exercise any such vested Options unless the closing market price of the Common Stock on the Nasdaq Stock Market shall be no less than $5.00 per share for at least 10 consecutive trading days prior to the date of exercise. (b) The Option shall be exercisable during the Optionee's lifetime only by the Optionee and shall not be exercisable by the Optionee unless, at all times since May 3, 2010, and at the time of exercise, such Optionee is an employee of or providing services to the Company, any parent corporation of the Company or any Subsidiary or Affiliate, except: (i) Upon termination of all such employment or provision of services (other than by death, Total Disability, or by Total Disability followed by death in the circumstances provided below), the Optionee may exercise the Option at any time within three months thereafter but only to the extent that the Option is exercisable on the date of such termination pursuant to Section 1(a); (ii) Upon termination of all such employment by Total Disability, the Optionee may exercise the Option at any time within th...

Grant and Exercise of Option. (a) The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire up to an undivided 100% right, title and interest in and to the Property, free and clear of all charges, encumbrances, claims, liabilities and adverse interests of any nature or kind, except for the Royalty. (b) The Option shall be in good standing and exercisable by the Optionee in regard to the Property by paying the following amounts on or before the dates specified in the following schedule for the Property: (i) paying the Optionor $10,000 within three (3) business days of the date of this Agreement, issuing to the Optionor 100,000 Shares in the capital stock of the Optionee; (ii) on or before the second anniversary of the execution of this Agreement, issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (iii) on or before the third anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (iv) on or before the third anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (v) on or before the fourth anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (vi) on or before the fifth anniversary of the execution of this Agreement, paying to the Optionor $10,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (vii) on or before the sixth anniversary of the execution of this Agreement, paying to the Optionor $20,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (viii) on or before the seventh anniversary of the execution of this Agreement, paying to the Optionor $30,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (ix) on or before the eighth anniversary of the execution of this Agreement, paying to the Optionor $40,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (x) on or before the ninth anniversary of the execution of this Agreement, paying to the Optionor $50,000 and issuing to the Optionor 25,000 Shares in the capital stock of the Optionee; (xi) on or before the tenth anniversary of the execution of this Agreement, in addition to the payments described in (i) to (x) above, paying to the Optionor $1...

Grant and Exercise of Option. Provided Tenant is not in default hereunder beyond any applicable notice and cure period at the time of exercise, Tenant shall also have one option to renew the Term for a period of ten years (the “Renewal Term”), commencing immediately upon the expiration of the Initial Term. The Renewal Term shall be upon the same terms and conditions contained in the Lease for the Initial Term except the Base Rent shall be adjusted as set forth below (the “Base Rent for the Renewal Term”). Tenant shall exercise such option by delivering to Landlord, no later than twelve months prior to the expiration of the Initial Term (“Exercise Date”) written notice of Tenant’s desire to extend the Lease Term. Unless Landlord otherwise agrees in writing, Tenant’s failure to timely exercise such option shall waive it. If this Lease terminates or expires, all remaining renewal options shall be void.

Grant and Exercise of Option. AMC hereby irrevocably grants to KRC the sole and exclusive right and Option to acquire a one hundred percent (100%) right, title, estate and interest of AMC’s one hundred (100%) percent net undivided interest) in and to the Property Rights and Property, free and clear of all charges, encumbrances, claims, royalties and net profit interests of whatsoever nature.

Grant and Exercise of Option. 2. 1 The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire a 70% undivided interest in and to the Property free and clear of all charges, encumbrances and claims on the following terms and subject to the following conditions: (a) The Option shall be exercised by the Optionee: (i) paying the Optionor $1,000 US on the execution of this Agreement, the receipt of which is hereby acknowledged by the Optionor; (ii) incurring Exploration Expenditures of $75,250 US on the Property as follows; (A) $24,000 US on or before November 30, 2002; (B) further $20,000 US on or before November 30, 2003; and (C) a further $31,250 US on or before November 30, 2004. (b) In the event that the Optionee spends, in any of the above periods, less than the specified sum, it may pay to the Optionor the difference between the amount it actually spent and the specified sum before the expiry of that period in full satisfaction of the Exploration Expenditures to be incurred. In the event that the Optionee spends, in any period, more than the specified sum, the excess shall be carried forward and applied to the Exploration Expenditures to be incurred in succeeding periods. (c) Upon exercise of the Option, a 70% undivided right, title and interest in and to the Property shall vest in the Optionee free and clear of all charges, encumbrances and claims, subject only to the following payments required pursuant to the R.T. Heard & Associates Agreement: (i) payment of $50,000 CDN per year, with $25,000 CDN payable on May 27 and November 27 of each year, as provided by Section 2 of the R.T. Heard & Associates Agreement (the "R.T. Heard & Associates Royalty"); (ii) payment of a 4% Gross Overriding Royalty, as provided by Section 4 of the R.T. Heard & Associates Agreement (the "R.T. Heard & Associates ▇▇▇▇"); (iii) payment of a 2% Net Smelter Return Royalty, as provided by Section 4 of the R.T. Heard & Associates Agreement (the "R.T. Heard & Associates NSR").

Grant and Exercise of Option. H▇▇▇▇▇ hereby irrevocably grants to HRE the sole and exclusive right and Option to acquire up to and including a eighthly five percent (85%) right, title, estate and interest of H▇▇▇▇▇’▇ one hundred (100%) percent net undivided interest) in and to the Property Rights and Property, free and clear of all charges, encumbrances, claims, royalties and net profit interests of whatsoever nature.

Grant and Exercise of Option. 2.1 The Optionor grants to the Optionee the exclusive right and option, to acquire a 100% undivided interest in the Property free and clear of all charges, encumbrances and claims, save and except for those set out herein. 2.2 The Option shall be exercised by the Optionee: (a) (i) paying to the Optionor Cdn$7,500 forthwith on or before January 31, 2007; (ii) paying to the Optionor an additional Cdn$15,000 on or before December 31, 2008; (iii) paying to the Optionor an additional Cdn$25,000 on or before December 31, 2009. (b) (I) incurring Exploration Expenditures of Cdn$_10,000__. on the Property on or before December 31, 2007, or if weather does not allow reasonable access to the property at that time, the work to be completed at such other time as agreed by the parties;