GRANT OF THE FIRST OPTION Clause Samples

The 'Grant of the First Option' clause gives a specified party the exclusive right to purchase or acquire certain property, assets, or rights before others are allowed to do so. Typically, this clause outlines the conditions under which the option can be exercised, such as timeframes, notice requirements, and the scope of what is covered by the option. Its core function is to provide the option holder with priority access, thereby protecting their interests and ensuring they have the first opportunity to proceed with a transaction before the asset is offered to third parties.
GRANT OF THE FIRST OPTION. 3.1 ICRT hereby grants to Introgen, on and subject to the terms of this Agreement, the exclusive option to obtain an exclusive, world-wide licence (to the extent that ICRT is able to grant such a licence under any applicable law) in respect of the Existing Patents relating to any one or more of the Genes and any Materials or other Existing Technology referred to in clause 5.4, in respect of the Gene or Genes in question, on the terms referred to in clause 4.1. 3.2 The First Option shall be exercisable by Introgen, in respect of any one or more of the Genes, subject to payment of the sum referred to in clause 3.3, by giving written notice to ICRT at any time during the First Option Period, specifying the Gene or Genes in respect of which it is exercised. If Introgen so exercises the First Option in respect of one or more but not all of the Genes it may do so at any subsequent time within the First Option Period in respect of the remaining Gene or Genes. 3.3 In consideration of the grant of the First Option, Introgen shall pay to ICRT the sum of [*] on the Effective Date. 3.4 The sum referred to in clause 3.3 shall not be refunded in any circumstances. [*] Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. 3.5 If Introgen does not duly exercise the First Option during the First Option Period in respect of one or more of the Genes, it shall forthwith lapse in respect of the Gene or Genes in question for which Introgen did not so exercise the First Option.
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GRANT OF THE FIRST OPTION. 3.1 ICRT hereby grants to Introgen, on and subject to the terms of this Agreement, the exclusive option to obtain an exclusive, world-wide licence (to the extent that ICRT is able to grant such a licence under any applicable law) in respect of the Existing Patents and any Materials or other Existing Technology referred to in clause 5.4, on the terms referred to in clause 4.1. 3.2 The First Option shall be exercisable by Introgen, subject to payment of the sum referred to in clause 3.3, by giving written notice to ICRT at any time during the First Option Period. 3.3 In consideration of the grant of the First Option, Introgen shall pay to ICRT the sum of [*] on the Effective Date. 3.4 The sum referred to in clause 3.3 shall not be refunded in any circumstances. 3.5 If Introgen does not duly exercise the First Option during the First Option Period, it shall forthwith lapse.
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GRANT OF THE FIRST OPTION. In consideration of the sum of US$1 (the receipt of which is acknowledged by the Company) the Company grants the Consultant the right to subscribe for 50,000 (Fifty thousand) Shares or any of them at a price of US$3.0 per Share.
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Related to GRANT OF THE FIRST OPTION

  • 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.

  • Commencement of Exercisability (a) Subject to Sections 3.1(b), 3.1(c) and 3.3, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice. (b) No portion of the Option which has not become vested and exercisable at the date of the Participant’s Termination of Services shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and the Participant. [

  • 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.

  • Termination Option Event The term “

  • Termination Option Tenant shall have the one-time right to terminate the Lease effective as of the end of the thirty-sixth full calendar month following the Commencement Date, by giving written notice to the Landlord prior to the expiration of the twenty-seventh full calendar month following the Commencement Date (time being of the essence herein), which notice (in order to be valid) shall be accompanied by payment of the Termination Fee (hereinafter defined) and which notice shall specify the termination date; provided however, if Tenant is in Default at any time hereunder beyond any applicable cure period (whether before or after the termination notice), at Landlord’s option, such termination election shall be null and void, and Landlord may use any portion of the Termination Fee paid to offset against any amounts owed by Tenant under the Lease. The Termination Fee is equal to the sum of (i) four (4) months of Rent then being paid by Tenant on a monthly basis (including without limitation estimated pass-throughs), plus (ii) the unamortized portion of the cost of all leasehold improvements, leasing commissions, attorney fees, rental abatements and other concessions incurred or provided by Lessor in connection with this Lease. Upon request, Landlord shall calculate the Termination Fee and provide the amount thereof to Tenant. The Termination Fee shall be calculated by Landlord by first amortizing the cost of all leasehold improvements, leasing commissions, attorney fees, rental abatements and other concessions in equal monthly installments over the Term (or if incurred in connection with any Lease amendment, amortized over the portion of the Term commencing with the effective date for the initial full monthly payment of Rent for the Lease amendment) at the rate of nine percent (9%) per annum (compounded annually) and then determining the unamortized portion thereof as of the effective date of termination. Tenant, in addition to the Termination Fee, shall remain obligated for all Basic Monthly Rent, Additional Rent and other sums due under the Lease up to and including the effective date of termination, even though such amounts may be billed subsequent to such date. Tenant’s obligations, and Landlord’s rights and remedies (including without limitation, the right to recover reasonable attorneys fees as permitted by this Lease), with respect to all such sums, any other amounts due and owing to Landlord and any other of Tenant’s obligations or liabilities accruing prior to the date of termination shall survive any such termination. .