1Option Granted Sample Clauses

1Option Granted. During the term of this Agreement, the Existing Shareholders hereby irrevocably grant the Foreign-invested Enterprise an irrevocable and exclusive right to purchase, or designate one or more persons (hereafter referred to as the “Designee”) to purchase, all or part of the equity interests in the Domestic Company then held by the Existing Shareholders at one or multiple times at any time at the Foreign-invested Enterprise’s sole and absolute discretion to the extent permitted by the laws of the PRC and at the price described in Article 1.3 herein (the “Equity Interest Purchase Option”). Except for the Foreign-invested Enterprise and the Designee, no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of the Existing Shareholders. The Domestic Company hereby agrees to the grant by the Existing Shareholders of the Equity Interest Purchase Option to the Foreign-invested Enterprise. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.