Common use of Grant of Put Option Clause in Contracts

Grant of Put Option. Subject to the terms and conditions of this Agreement, Etika shall have the exclusive and irrevocable right, but not the obligation, to require LTC to purchase the Option Shares (the “Put Option”) by delivery of a Put Exercise Notice (as defined below) in accordance with Section 3.3(i), and upon receipt of such Put Exercise Notice by LTC, LTC shall issue certain number of newly issued LTC Shares to Etika and Etika shall Transfer or cause the Transfer of the Option Shares to LTC or any Person designated by LTC. The number of LTC Shares to be issued to Etika shall be equal to the quotient of (a) the Put Option Price, divided by (b) the per share listing price of the LTC Shares.