Project Option Clause Samples

The Project Option clause grants one party the right to initiate, modify, or expand a project under specified conditions. Typically, this clause outlines the procedures for exercising the option, such as providing written notice within a certain timeframe or meeting predefined milestones. Its core practical function is to provide flexibility and certainty in project planning, allowing parties to adapt to changing needs or opportunities without renegotiating the entire agreement.
Project Option. 14.2.1.1 A unit member may apply for this program after fifteen (15) years of full-time satisfactory service in a position within the representation unit and achievement of age fifty (50). Participation is limited to a maximum of five (5) years. 14.2.1.2 Application for participation in this program must be made to the District Personnel Office no later than Feb. 1 of the school year preceding the desired year of participation. All applications will be considered at the same time. The Superintendent will recommend approval of applications by the Board based on District needs. If seniority of the applicants is the same and the applicants equally address District needs, a lottery shall be used. If an applicant is denied admittance to the program, the Superintendent shall inform the applicant in writing as to the reasons for the denial. 14.2.1.3 A participant selected for this program, pursuant to an annual employment contract, will be required to provide service to the District of up to thirty (30) school days each year at times established by the District in consultation with the participant. Illustrative examples of service under this program may include, but are not limited to, curriculum development, classroom and individualized instructions, in-service training, completion of surveys and research, substituting, or other educational services. Activities may include, but are not limited to: demonstration teaching, preparing staff development and in-service programs, assisting with testing programs, compiling and analyzing test data, orienting and assisting new teachers, designing and producing programs, preparing and updating curriculum guides, updating and revising School District publications, and developing or updating instructional materials. 14.2.1.4 Applicants selected to participate in the program shall be offered an initial contract for two (2) years, unless the applicant elects to participate in the program for only one (1) year. After the completion of the initial two (2) year contract, participants will be offered a renewal contract on an annual basis contingent on satisfactory performance and District need. Such renewals shall not exceed the five (5) year maximum provided in Section 14.2.1.1. 14.2.1.5 A contractual agreement will be entered into by and between the District and the participant; the participant will be compensated for each day, up to 30 days total, based upon the daily rate of the last
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Project Option. The term of this Agreement shall commence on the date first hereinabove written and shall continue until all authorized work is approved by County or [INSERT DATE], whichever is earlier.
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Project Option. Contractor shall be compensated for services performed in an amount not to exceed [INSERT $ AMOUNT]. The Contractor’s hourly rates are listed in Exhibit B, “Cost Proposal.” The County shall pay Contractor within thirty (30) days of receipt of an approved invoice. In the event payments equal the “not to exceed” amount, Contractor shall complete all services required under this Agreement without further compensation or cost reimbursement.
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Project Option. Global shall have the exclusive first right (but not the obligation) to provide to Capital (or procure the provision of) all funding for the performance of a drug discovery and/or development project that Capital wishes to undertake (each a “Project”) in consideration for a share of the Net Revenue in respect of such Project (each a “Project Option”).
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Project Option in this option the students will incorporate comments and required revisions from the instructors into a final version of the collaborative project document and end the programme at that point. Students will then obtain an MSc from OSU in Water Resources Policy and Management, specialization in Water Cooperation and Diplomacy and an UPEACE Master of Arts in Environment, Development and Peace, specialization in Environmental Security and Governance.
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Project Option. If prior to or after the Closing, an SN Party or any of its Affiliates enters into an option to engage in the construction of or participation in a Project, the applicable SN Party shall sell, assign, transfer and convey to Buyer its interests in such option at the Closing (or, if such option arises after Closing, promptly after such option arises), subject to the same terms and conditions regarding Seller’s transfer of its interests in the Leased Premises hereunder and further provided that Seller’s obligations to transfer its interests in such options are conditioned on its receipt of Consent from any parties from which Consent is required under any such option, or under the SN Credit Agreement or the SN Indentures, as applicable.
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Related to Project Option

  • Put Option The Company hereby grants to Lender an option (the “Put Option”) to sell all or any portion of the Issued Shares (the “Put Shares”) to the Company for a total purchase price of $195,000, pro-rated for any portion thereof (the “Put Price”). The Put Option may be exercised with respect to any amount that is equal to or less than the entire balance of the outstanding Put Shares, at any time during the earlier to occur of the following Put Option exercise periods (the “Put Period”): (a) the ten (10) Business Day period commencing on the first anniversary hereof, or (b) the ten (10) Business Day period commencing on the date which is nine (9) months after the date that the registration statement for the registration of the Issued Shares is declared effective by the SEC . If not exercised during the Put Period, the Put Option shall terminate and shall be of no further force or effect. The Put Option shall be exercisable by Lender’s delivery of written notice to the Company (the “Put Notice”). The Put Notice shall specify the date on which the closing of the purchase of the Put Shares shall take place (the “Put Closing Date”), which such date shall be no earlier than ten (10) days but no later than thirty (30) days from the date of the Put Notice. On or before the Put Closing Date, Lender will deliver to the Company the certificate(s) representing the Put Shares (duly endorsed for transfer by Lender or accompanied by duly executed stock powers in blank) and the Company shall tender to Lender the Put Price in cash by wire transfer of immediately available funds to an account at a bank designated by Lender. The Company and Lender acknowledge and agree that the Company’s obligation to purchase the Issued Shares from Lender pursuant to the Put Option is an Obligation secured by the Collateral and any related guarantees under the Loan Documents, and for so long as the Put Option is outstanding and, if exercised, the Put Price is not yet tendered, the Lender’s right to receive the Put Price shall be secured by the Collateral and any related guarantees under the Loan Documents. Lender’s right to exercise the Put Option shall not be transferred or assigned to any third party. 6.1 Notwithstanding the foregoing, Lender shall have the right, but not the obligation, to accelerate the exercise of the Put Option upon a Fundamental Transaction (as defined in the Loan Agreement), as follows: The Company shall send written notice of the proposed Fundamental Transaction (“Fundamental Transaction Notice”) no later than thirty (30) days prior to the date of the proposed consummation of the Fundamental Transaction, together with all relevant information relating thereto, in form sufficient to enable Lender to make an informed decision as to whether it should accelerate the Put Option. Within fifteen (15) days of Lender’s receipt of the Fundamental Transaction Notice, Lender shall advise the Company whether the Lender has elected to accelerate the exercise of the Put Option. Lender’s failure to timely notify the Company of Lender’s intention to accelerate the Put Option shall be deemed an intention to decline to accelerate the Put Option. 6.2 In addition, notwithstanding the foregoing, Lender shall have the right, but not the obligation, to accelerate the exercise of the Put Option following an Event of Default under the Loan Documents (which acceleration right shall not be waived if not exercised following a prior Event of Default), in which event the Put Price shall be added to the Obligations under the Loan Agreement and secured by the Collateral thereunder, and shall be immediately due and payable to Lender. 6.3 If any portion of the Note is converted into Common Stock pursuant to the Loan Documents, the Put Option set forth hereinabove, if not terminated by its terms herein, shall terminate.

  • Option (a) In order to induce Parent and Purchaser to enter into the Merger Agreement, Stockholder hereby grants to Purchaser an irrevocable option (a "SECURITIES OPTION") to purchase the Securities (the "OPTION SECURITIES") at the Offer Price, subject to increase as set forth below (the "PURCHASE PRICE"). The Securities Option may be exercised, in whole but not in part, by written notice to Stockholder (as set forth below), for a period of ten (10) business days (the "10 DAY PERIOD") following termination of the Merger Agreement or termination of the Offer, whichever shall first occur; PROVIDED that, prior to such termination, either (i) a Trigger Event shall have occurred or (ii) (A) the Company shall have received a written proposal from any person other than Parent, Purchaser or any affiliate of Parent or Purchaser for an Acquisition Transaction, which proposal shall not have expired or been withdrawn, (B) the Merger Agreement shall have been terminated by Parent pursuant to Section 8.01(b), 8.01(d)(ii), 8.01(f) or 8.01(g) and (C) at the time of such termination the Minimum Condition shall not have been satisfied. Notwithstanding the foregoing, the Securities Option may not be exercised until: (i) all waiting periods under the ▇▇▇▇-▇▇▇▇▇-▇▇▇▇▇▇ Antitrust Improvements Act of 1976, as amended (the "HSR ACT"), required for the purchase of the Securities upon such exercise shall have expired or been waived and any other conditions under the other Antitrust Laws shall have been satisfied and (ii) there shall not be in effect any preliminary injunction or other order issued by any Governmental Entity prohibiting the exercise of the Securities Option pursuant to this Agreement; provided that if (i) all HSR Act waiting periods shall not have expired or been terminated or (ii) there shall be in effect any such injunction or order, in each case on the expiration of the 10 Day Period, the 10 Day Period shall be extended until five (5) business days after the later of (A) the date of expiration or termination of all HSR Act waiting periods, and (B) the date of removal or lifting of such injunction or order. (b) In the event that Purchaser wishes to exercise the Securities Option, Purchaser shall send a written notice (the "NOTICE") to Stockholder identifying the date (not less than two (2) nor more than five (5) business days from the date of the Notice) for the closing of such purchase, which closing shall be held at the executive offices of the Company (or such other place as the parties may agree). At the closing, Stockholder shall deliver to Purchaser appropriate and effective instruments of transfer of the Option Securities, against payment to Stockholder of the Purchase Price, in same day funds, by wire transfer to such account as Stockholder shall designate. (c) In the event the Option Securities are acquired by Purchaser pursuant to the exercise of the Securities Option (the "ACQUIRED SECURITIES") and, either before or at any time within the one-year period following such acquisition, Parent, Purchaser or any affiliate of Parent or Purchaser shall acquire Common Stock (other than from the Company) at a price in excess of the Purchase Price, then the Purchase Price hereunder shall be increased to such higher price. If the purchase of the Acquired Securities has been completed at the time of such increase, Stockholder shall be entitled to receive, and Purchaser shall promptly (and in no event more than 48 hours following such increase) pay to Stockholder, by wire transfer of same day funds to such account as Stockholder shall designate, the amount of the increase. (d) In the event the Option Securities are acquired by Purchaser pursuant to the exercise of the Securities Option, Stockholder shall be entitled to receive, and Purchaser shall promptly (and in no event more than 48 hours following such Sale) pay to Stockholder, upon any subsequent disposition, transfer or sale to an unaffiliated third party ("SALE") of all or any portion of the Acquired Securities within the one-year period following such acquisition, an amount per share in cash equal to the excess, if any, of the net proceeds received per share in the Sale over the Purchase Price. Any such payment shall be made by wire transfer of same day funds to such account as Stockholder shall designate.

  • Negotiated Option If the Developer elects not to exercise its option under Article 5.1.3, Option to Build, Developer shall so notify Connecting Transmission Owner and NYISO within thirty (30) Calendar Days, and the Developer and Connecting Transmission Owner shall in good faith attempt to negotiate terms and conditions (including revision of the specified dates and liquidated damages, the provision of incentives or the procurement and construction of a portion of the Connecting Transmission Owner’s Attachment Facilities and Stand Alone System Upgrade Facilities by Developer) pursuant to which Connecting Transmission Owner is responsible for the design, procurement and construction of the Connecting Transmission Owner’s Attachment Facilities and System Upgrade Facilities and System Deliverability Upgrades. If the two Parties are unable to reach agreement on such terms and conditions, Connecting Transmission Owner shall assume responsibility for the design, procurement and construction of the Connecting Transmission Owner’s Attachment Facilities and System Upgrades Facilities and System Deliverability Upgrades pursuant to 5.1.1, Standard Option.