Common use of The Put Options Clause in Contracts

The Put Options. 3.1 In consideration of the sum of pound sterling 1 (receipt of which the Grantee acknowledges) the Grantee grants to the Grantor (A) the right exercisable during the First Option Period to require the Grantee to purchase two (2) Ordinary Shares at the First Option Price, and (B) the right exercisable during the Second Option Period to require the Grantee to purchase eight (8) Ordinary Shares at the Second Option Price. 3.2 The First Put Option shall be exercisable at any time during the First Option Period and the Second Put Option shall be exercisable at any time during the Second Option Period, in either case by notice in writing of exercise served on the Grantee, and the documents listed in clause 4.1(b) hereof duly executed but undated shall be delivered to the Grantee's Solicitors, to be held to the order of the Grantor pending payment of the applicable Option Price. 3.3 All Option Shares shall be sold free from all liens, charges and encumbrances and with all rights attached thereto at the date of such exercise.