Granting and Exercise of Options Clause Samples

Granting and Exercise of Options. 3.1 Optionor hereby grants to Optionee the sole and exclusive option to acquire an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save and except for the NSR Royalty.‌ 3.2 In order to exercise the Option and to maintain the Option in good standing, Optionee will:‌ (a) make cash payments to Optionor totalling $75,000, as follows: (i) $30,000 on the Effective Date; and (ii) an additional $45,000, on or before the Listing Date; and (b) issue a total of 1,250,000 Shares to Optionor, as follows: (i) 500,000 Shares on or before the Listing Date; and (ii) an additional 750,000 Shares, on or before the date which is 12 months after the Listing Date. All payments and issuances of Shares described in this Section 3.2 may be accelerated at Optionee's option. There is no partial vesting of the Property. 3.3 This Agreement is for an option only and, for greater certainty, nothing in this Agreement will be construed as obligating Optionee to do any acts, make any payments or issue any Shares hereunder, and any act done or Share issued hereunder will not be construed as obligating Optionee to do any further act or make any further payment. 3.4 Once Optionee has fulfilled the obligations in Section 3.2, Optionee will be deemed to have exercised the Option and will be vested with an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save for the NSR Royalty. 3.5 Upon the exercise of the Option, Optionor will execute and deliver or cause to be executed and delivered within 10 Business Days of the exercise date of the Option to Optionee, or register or cause to be registered with all applicable agencies or places of record, transfers of the Property in favour of Optionee, which transfers may be recorded by Optionee at all such agencies or places of record as may be appropriate or desirable to effect the legal or recorded transfer of the Property to Optionee. Until such transfers are completed, Optionee will be entitled to register or record this Agreement or other evidence of its rights hereunder against title to the Property, and Optionor will promptly execute and deliver, or cause to be executed and delivered, all documents, deeds and other instruments reasonably requested by Optionee for the purpose of facilitating such registration or recording. 3.6 Optionor acknowledges and agrees that the Shares issued pursuant to this Agreement wi...
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Granting and Exercise of Options. 3.1 Optionor hereby grants to Optionee the sole and exclusive option to acquire an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save and except for the NSR Royalty.‌ 3.2 In order to exercise the Option and to maintain the Option in good standing, Optionee will:‌ (a) make a cash payment to Optionor of $25,000 on or before the date that is 30 days after the Effective Date; (b) issue a total of 1,200,000 Shares to Optionor on or before the Listing Date. All payments and issuances of Shares described in this Section 3.2 may be accelerated at Optionee's option. There is no partial vesting of the Property. 3.3 This Agreement is for an option only and, for greater certainty, nothing in this Agreement will be construed as obligating Optionee to do any acts, make any payments or issue any Shares hereunder, and any act done or Share issued hereunder will not be construed as obligating Optionee to do any further act or make any further payment. 3.4 Once Optionee has fulfilled the obligations in Section 3.2, Optionee will be deemed to have exercised the Option and will be vested with an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save for the NSR Royalty. 3.5 Upon the exercise of the Option, Optionor will execute and deliver or cause to be executed and delivered within 10 Business Days of the exercise date of the Option to Optionee, or register or cause to be registered with all applicable agencies or places of record, transfers of the Property in favour of Optionee, which transfers may be recorded by Optionee at all such agencies or places of record as may be appropriate or desirable to effect the legal or recorded transfer of the Property to Optionee. Until such transfers are completed, Optionee will be entitled to register or record this Agreement or other evidence of its rights hereunder against title to the Property, and Optionor will promptly execute and deliver, or cause to be executed and delivered, all documents, deeds and other instruments reasonably requested by Optionee for the purpose of facilitating such registration or recording. 3.6 Optionor acknowledges and agrees that the Shares issued pursuant to this Agreement will be subject to applicable securities laws and the rules and policies of the Exchange, including any resale restrictions imposed thereby. 3.7 In the event of the issue of Shares pursuant to th...
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Granting and Exercise of Options 
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Related to Granting and Exercise of Options

  • Vesting and Exercise of Option The Option shall vest and become exercisable during its term in accordance with the following provisions:

  • Grant and Exercise of Option Provided that (i) no Default has occurred and is then continuing (ii) the creditworthiness of Tenant is then reasonably acceptable to Landlord and (iii) Tenant originally named herein or a Permitted Transferee remains in possession of the Leased Premises throughout the term immediately preceding the Extension Term (as defined below), Tenant shall have the option to extend the Lease Term for two (2) additional periods of five (5) years each (the "Extension Term(s)"). Each Extension Term shall be upon the same terms and conditions contained in the Lease except (x) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any, and (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not apply to the Extension Term, and (z) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise each option by delivering to Landlord, no later than twelve (12) months prior to the expiration of the preceding term, written notice of Tenant's desire to extend the Lease Term. Tenant's failure to timely exercise such option shall be deemed a waiver of such option and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than one hundred eighty (180) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within thirty (30) days after receipt thereof. If Tenant exercises its option to extend in accordance with the terms hereof, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term within thirty (30) days after Tenant's acceptance (or deemed acceptance) of the Rent Adjustment.

  • Term and Exercise of Option a. The term of this Option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein. b. This Option shall be exercisable only in the event that and to the extent that such Option has become vested and exercisable pursuant to the terms of this Section 3.b (or Sections 7 or 8 below, if applicable). Subject to the earlier termination of this Option pursuant to its terms and to the terms of the Option Plan, this Option shall vest and become exercisable as follows, but only if the Optionee is then an employee of or continues to provide services to the Company or an Affiliate at the specified time: (i) Up to twenty percent (20%) of such Option Shares (rounded down to the nearest whole share) may be purchased at any time after one (1) year from the Grant Date and prior to the termination of this Option; (ii) Up to forty percent (40%) of such Option Shares (rounded down to the nearest whole share and less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after two (2) years from the Grant Date and prior to the termination of this Option; (iii) Up to sixty percent (60%) of such Option Shares (rounded down to the nearest whole share and less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after three (3) years from the Grant Date and prior to the termination of this Option; (iv) Up to eighty percent (80%) of such Option Shares (rounded down to the nearest whole share and less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after four (4) years from the Grant Date and prior to the termination of this Option; (v) Up to 100% of such Option Shares (less any shares previously purchased pursuant to this Option that vest pursuant to this Section 3.b) may be purchased at any time after five (5) years from the Grant Date and prior to the termination of this Option. c. To exercise this Option, the Optionee shall satisfy the following conditions: (i) deliver written notice to the Company at its principal office within the option period, which written notice must be in the form of attached Exhibit A to this Agreement, and (ii) deliver payment in full for the Option Shares with respect to which this Option is then being exercised, as provided in Section 4(a) below. d. Neither the Optionee nor the Optionee’s legal representatives, legatees or distributees, as the case may be, will be, or will be deemed to be, a holder of any Option Shares for any purpose unless and until certificates for such Option Shares are issued (or are reflected upon the official records of the Company) to the Optionee or the Optionee’s legal representatives, legatees or distributees, under the terms of the Option Plan.

  • Exercise of Options 4.1 No portion of the option granted hereunder may be exercised for a fraction of a share. The option granted hereunder shall be deemed to be exercised when written notice of such exercise has been given to the Corporation to the attention of the Secretary of the Corporation accompanied by full payment of the exercise price and by such other documents as the Board of Directors of the Corporation (the "Board") may reasonably request. Until the issuance (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation) of the stock certificate evidencing such Option Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Option Shares, notwithstanding the exercise of the Option. The Corporation shall issue (or cause to be issued) such stock certificate promptly upon exercise of any portion of the option granted hereunder. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in Section 5 hereof. Exercise of a portion of the option granted hereunder in any manner shall result in a decrease in the number of Option Shares which thereafter may be available by the number of Shares as to which the Option is exercised. 4.2 In the event of termination of an Optionee as an employee or consultant with the Corporation (but not in the event of an Optionee's change of status from employee to consultant or from consultant to employee), such Optionee may, but only within such period of time as is determined by the Board, of at least thirty (30) days (but in no event later than the Option Expiration Date), exercise the option granted hereunder to the extent that Optionee was entitled to exercise it under Section 2 hereof at the date of such termination, or to such greater extent as may be determined by the Board. If the Optionee does not exercise such option to the extent so entitled within the time specified herein, the option shall terminate. 4.3 In the event of termination of an Optionee's status as an employee or consultant as a result of the Optionee's "disability," as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended, the Optionee may exercise the option granted hereunder within twelve (12) months from the date of the Optionee's termination (but in no event shall the Optionee be entitled to exercise the option after the Option Expiration Date) to the extent that Optionee was entitled to exercise it under Section 2 on the date of termination. 4.4 In the event of the death of the Optionee, the option granted hereunder may be exercised at any time within twelve (12) months following the date of death (but in no event later may the option be exercised after the Option Expiration Date), by the Optionee's estate or by a person who acquired the right to exercise the Option by bequest or inheritance, but only to the extent that the Optionee was entitled to exercise the Option in accordance with Section 2 hereof on the date of death.

  • Vesting and Exercise Once vested, this Warrant may be exercised as -------------------- to such vested portion whether or not at the time of such exercise the Warrantholder is an employee of (or consultant to) the Company (or one or more of its subsidiaries); however, this Warrant shall automatically terminate as to any unvested portion at any such time as the Warrantholder is no longer employed by (or a consultant to) the Company (or any of its subsidiaries). If this Warrant is not exercised prior to 5:00 P.M. on the Expiration Date (or the next succeeding Business Day, if the Expiration Date is a Nonbusiness Day), this Warrant, or any new Warrant issued pursuant to Section 1.1, shall cease to be exercisable and shall become void and all rights of the Warrantholder hereunder shall cease. This Warrant shall not be exercisable, and no Warrant Shares shall be issued hereunder, prior to 9:00 A.M., New York City time, on the applicable Exercise Date.