Grant of Second Option Clause Samples

Grant of Second Option. The Company hereby grants Continental an option (the "Second Option") to subscribe for issuance by the Company that number of fully-paid, non-assessable Ordinary Shares, such that following issuance of such shares Continental shall own sixty percent (60%) of the issued share capital of Company, on an as-converted basis, at the time of exercise (such Ordinary Shares the "Second Option Shares"

Grant of Second Option. 5.1 Subject to Alliance exercising the First Option, the Subsidiary hereby agrees to grant to Alliance the Second Option to acquire up to an additional 20% interest in the Class A shares by the purchase of 22 Class A Shares for a purchase price equal to 30% of Construction and Equipment Costs minus $1,350,000 (“Second Option Purchase Price”). 5.2 The Parties agree to enter into an addendum to this Agreement by June 30, 2019 (the “Addendum”), granting the Second Option, setting out the terms of the Second Option including the Second Option Purchase Price, a schedule specifying the date and amounts of each payment adding up to the Second Option Purchase Price and closing documents. 5.3 In the event the Second Option is not exercised according to the terms contained in the Addendum, the parties agree that Alliance’s 10% interest will be subject to dilution to a percentage equal to: $1,350,000 divided by that figure which is the final Construction and Equipment Costs. In this event the Part 6, ROFR-Shares would not apply until the dilution had been achieved. As an example, assuming the final Construction and Equipment Costs were $33,500,000 the calculation of the adjusted percentage would be as follows: 1,350,000 = 4% 33,350,000

Grant of Second Option. For and in consideration of LIG's payment of the Option Payment pursuant to Article 1.2 and LIG's execution of the Amended Loan Agreement, the Second R&D Agreement, and the Second Supply Agreement, Phoenix grants LIG an option to purchase substantially all of the Assets and Business of Phoenix, and to assume substantially all of the Liabilities of Phoenix, upon the terms and conditions set out in this Agreement (the "Second Option").

Grant of Second Option. (1) Subject to the satisfaction of the Second Option Conditions (or Seabridge waiving such conditions in writing), Seabridge hereby grants to Royal Gold an irrevocable option (the “Second Option”) to increase the Royalty Percentage by 0.75 percent (that is, to a total Royalty Percentage of two (2) percent), which option Royal Gold may exercise, in its sole discretion, as follows: (a) by Royal Gold delivering a written notice (the “Second Option Notice”) to Seabridge at any time during the Second Option Exercise Period notifying Seabridge that it may wish, but is not obliged, to exercise the Second Option; (b) within ten (10) days of the receipt of the Second Option Notice, Seabridge shall deliver to Royal Gold a certificate (the “Second Option Certificate”) signed by Seabridge and repeating each of the representations and warranties of Seabridge in Section 2.02 hereof, provided that, Seabridge may deliver with the Second Option Certificate an updated Disclosure Letter containing such qualifications to the representations contained in Sections 2.02(i) to 2.02(o) as may be necessary to provide accurate representations and warranties as at the date of the Second Option Certificate (which representations and warranties will be deemed to have been repeated on the date the Second Option Confirmation Notice is delivered); (c) within ten (10) days of the receipt of the Second Option Certificate, by Royal Gold delivering written notice (the “Second Option Confirmation Notice”) to Seabridge confirming that it wishes to exercise the Second Option; and (d) upon delivery of the Second Option Confirmation Notice, by Royal Gold paying the Second Option Purchase Price to Seabridge as follows: (i) one-third (1/3) of the Second Option Purchase Price shall be payable by Royal Gold to Seabridge upon release of the Second Option Royalty Agreement from escrow in accordance with the Escrow Agreement; (ii) one-third (1/3) of the Second Option Purchase Price shall be payable by Royal Gold to Seabridge on or before the date that is 270 days after the delivery of the Second Option Confirmation Notice; and (iii) one-third (1/3) of the Second Option Purchase Price shall be payable by Royal Gold to Seabridge on or before the date that is 540 days after the delivery of the Second Option Confirmation Notice. (2) Upon delivery of the Second Option Confirmation Notice: (a) the Royalty Percentage shall be deemed to have been increased by 0.75 percent (that is, to a total Royalty Percentage ...

Grant of Second Option. On the First Option Exercise Date and upon and subject to the terms and conditions hereof, the Nubian Parties shall be deemed to have granted to Athena the sole, exclusive and irrevocable right and option to acquire an additional 90% Interest, for an aggregate 100% Interest (the "Second Option"), free and clear of all Encumbrances other than Permitted Encumbrances.

Grant of Second Option. 5.1 Subject to GF having exercised the First Option in accordance with Section 4.1, Argonaut hereby also grants to GF the exclusive right and option (the “Second Option”) to increase its interest by acquiring a further 40% Earned Interest in and to the Property bringing its total Earned Interest from 50% to 90% by paying to Argonaut an additional amount of (a) $5,000,000, in cash or, at the sole discretion of Argonaut common shares in the capital of GF, and (b) by delivering a NI 43-101 compliant pre-feasibility study on the Property in a form acceptable to Argonaut acting reasonably (the “Pre-Feasibility Study”) prepared by a Qualified Person independent of GF and Argonaut, during a period commencing on the delivery of the First Option Exercise Notice and ending December 31, 2026 (the “Second Option Period”), as follows: (a) on the date of delivery of the First Option Exercise Notice, paying to Argonaut an amount of $5,000,000, in cash or, at the sole discretion of Argonaut, in common shares in the capital of GF having a value of $5,000,000, such aggregate number of shares to be determined by dividing the amount payable by the 5 day VWAP immediately prior to the date of payment; and, (b) on or before December 31, 2026, delivering the Pre-Feasibility Study to Argonaut. 5.2 Within ninety (90) days following the exercise of the First Option (the “Second Option Election Deadline”), GF shall give Argonaut notice that either: (a) GF elects to proceed with the Second Option (the “Second Option Election Notice”); or (b) GF elects not to exercise the Second Option; 5.3 Failure of GF to give such notice shall be deemed to be an election under Subsection 5.2(b). 5.4 GF shall be deemed to have exercised the Second Option on the date on which it has fulfilled the last of the requirements set forth in Section 5.1, provided that such date is on or before the expiry of the Second Option Period. 5.5 GF may elect at any time to terminate the Second Option by delivering notice to that effect to Argonaut and at any time after electing to terminate the Second Option. 5.6 The Second Option will be of no further force or effect and will automatically terminate if GF: (a) has not delivered or is deemed to have not delivered the Second Option Election Notice on or before the Second Option Election Deadline; (b) has not exercised the Second Option pursuant to Section 5.1 on or before the expiry of the Second Option Period; or (c) delivers to Argonaut a notice of termination of the...

Grant of Second Option. 13 1.2 Option Payment...............................................................................13

Grant of Second Option. Optionor hereby grants to Optionee an option and right (the "Second Option") to purchase the Phase I Option Property at the price and on both the terms and conditions set forth in this Section 3 and the terms and conditions set forth in the remainder of this Option Agreement (other than in Sections 2 and 4, the provisions of which shall not be applicable to the Second Option herein granted). Subject to the provisions of Section 21, Optionor shall, however, be obligated to construct the improvements required to be constructed by Optionor pursuant to the Leasehold Improvements Agreement prior to the closing of the Escrow, as more fully provided in Section 3.8, and such improvements shall be deemed to be a part of the Phase I Option Property upon the completion of such construction.

Grant of Second Option. Subject to the satisfaction of the Second Option Conditions (or Seabridge waiving such conditions in writing), Seabridge hereby grants to Royal Gold an irrevocable option (the “Second Option”) to increase the Royalty Percentage by 0.75 percent (that is, to a total Royalty Percentage of two (2) percent), which option Royal Gold may exercise, in its sole discretion, as follows: