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. The ▇▇▇▇▇▇ Parties hereby grant to Dow an irrevocable option (the “Option”) to purchase, on the terms and subject to the conditions set forth herein, the Interests at a cash purchase price equal to the Fair Market Enterprise Value (the “Purchase Price”). The Option may be exercised by Dow upon written notice (the “Option Exercise Notice”) to the ▇▇▇▇▇▇ Parties at any time after the first anniversary of the Closing Date and prior to the Termination Date. The Option shall terminate and be of no further force and effect upon the earlier to occur of (i) the fifth anniversary of the Closing Date, and (ii) the date of the closing of the first underwritten public offering of the equity interests of the ▇▇▇▇▇▇ Group (or its successor) (an “IPO”) pursuant to a registration statement filed pursuant to the Securities Act of 1933, as amended (such date being referred to herein as the “Termination Date”); provided, that Dow will not have the right to exercise the Option after the forty-fifth (45th) day following the date on which the ▇▇▇▇▇▇ Parties provide written notice (“▇▇▇▇▇▇ Notice”) to Dow that it has filed such a registration statement for an IPO with the Securities Exchange Commission (it being understood that Dow will have the right to exercise the Option if the ▇▇▇▇▇▇ Parties do not consummate an IPO within 180 days of the delivery of such ▇▇▇▇▇▇ Notice). Notwithstanding the foregoing sentence, (i) Dow shall be entitled to purchase the Interests in the event that it has exercised the Option in accordance with the terms hereof prior to the Termination Date and (ii) ▇▇▇▇▇▇ Parties’ obligation to sell the Interests shall be subject to the restrictive covenants contained in its debt financing agreements as in effect from time to time; provided that such covenants do not adversely materially discriminate against such Interests compared to the assets of the ▇▇▇▇▇▇ Parties taken as a whole.

Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of _________(_____)shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 per share, upon and subject to the following terms and conditions: (a) The within option may be exercised on or before February 24, 2009 (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 not more than FIFTY (50%) PERCENT of the shares granted in Paragraph 1 hereof; and (ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof. (b) The right to exercise set forth in Paragraph 1(a)(i), and (ii) shall be accelerated providing for immediate exercise, in the event of a change in control of the Company. (1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean: (i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or (ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or (iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period. (2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that: (i) a majority of the Board of Directors in office immediately prior to the event or events resultin...

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. (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. 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. H▇▇▇▇▇ hereby irrevocably grants to DEL 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;

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").