Grant of Option; Procedure Clause Samples

Grant of Option; Procedure. CollPlant hereby grants to LB and its Affiliates an option to extend the License to include one or more of the Option Products as Products thereunder (the “Option”). The Option may be exercised during the period of two (2) years commencing on the Effective Date, and will thereafter expire (the “Option Period”). During the Option Period, upon LB’s request, CollPlant will provide LB a copy of all Information (other than Information of Third Parties that is not Controlled by CollPlant), regarding the use of the CollPlant Technology for the applicable Option Product(s) reasonably required for LB to make a determination of whether to exercise the Option. LB and its Affiliates may exercise the Option at any time during the Option Period, by providing CollPlant with a written notice of exercise, notifying CollPlant of LB’s or its Affiliate’s decision to exercise the Option and the Option Product(s) subject to the exercise (each, a “Notice of Exercise”), and payment to CollPlant of the applicable Option Payment pursuant to Section 7.3. In the event that LB exercises its Option to one or more Option Products during the Option Period, LB’s Option will remain in effect with respect to any non-exercised Option Products, and LB may subsequently exercise its Option during the Option Period with respect to one or more remaining Option Products in one or more subsequent exercises of its Option, which exercises shall be made in accordance with the procedure set forth above.
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Related to Grant of Option; Procedure

  • Grant of Option The Corporation hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

  • Grant of Options Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant a NON-QUALIFIED STOCK OPTION (the “Option”) with respect to ___________ shares of Common Stock of the Company.

  • Duration of Option The Option shall be exercisable to the extent and in the manner provided herein for a period of ten (10) years from the Grant Date (the "Exercise Term"); provided, however, that the Option may be earlier terminated as provided in Section 6 hereof.

  • Grant of the Option The Company hereby grants to the Participant the right and option (the “Option”) to purchase, on the terms and conditions hereinafter set forth, all or any part of an aggregate of [# OF SHARES] Shares, subject to adjustment as set forth in the Plan. The purchase price of the Shares subject to the Option shall be $[PRICE] per Share (the “Option Price”). The Option is intended to be a non-qualified stock option, and is not intended to be treated as an option that complies with Section 422 of the Internal Revenue Code of 1986, as amended.

  • ▇▇▇▇▇ of Option The Plan Administrator of the Company hereby grants to the Optionee named in the Notice of Grant attached as Part I of this Agreement (the "Optionee") an option (the "Option") to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per share set forth in the Notice of Grant (the "Exercise Price"), subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 15(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. If designated in the Notice of Grant as an Incentive Stock Option ("ISO"), this Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if this Option is intended to be an Incentive Stock Option, to the extent that it exceeds the $100,000 rule of Code Section 422(d) it shall be treated as a Nonstatutory Stock Option ("NSO").