Common use of Conditional Grant Clause in Contracts

Conditional Grant. Subject to the terms and conditions of this Agreement, the Company hereby conditionally grants to the Consultant the right to a conditional issuance of Stock following the occurrence of one or both of the Price Threshold Dates, as set forth below. (a) If at any time prior to January 1, 2000, the Initial Price Threshold Date occurs, the Consultant may become entitled to receive a portion or all of the Initial Amount payable in accordance with the payment schedule and as otherwise set out in Section 2 of this Agreement. (b) If at any time prior to January 1, 2000, the Final Price Threshold Date occurs, the Consultant may become entitled to receive a portion or all of the Final Amount payable in accordance with the payment schedule and as otherwise set out in Section 3 of this Agreement. NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH IN THIS AGREEMENT, THE FOREGOING CONDITIONAL GRANT SHALL BE SUBJECT TO THE APPROVAL AND RATIFICATION OF THE APACHE CORPORATION 1996 SHARE PRICE APPRECIATION PLAN (THE "PLAN") BY THE SHAREHOLDERS OF THE COMPANY. THE FOREGOING CONDITIONAL GRANT SHALL ALSO BE SUBJECT TO THE APPROVAL AND RATIFICATION BY THE BOARD. UPON THE APPROVALS SET FORTH ABOVE, THE GRANT SHALL NO LONGER BE CONDITIONED UPON SUCH APPROVAL, BUT SHALL REMAIN SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN. IN THE EVENT THAT THE PLAN IS NOT APPROVED AS SET FORTH ABOVE, THE GRANT SHALL BE NULL AND VOID, THIS AGREEMENT SHALL TERMINATE WITHOUT FURTHER LIABILITY OF THE COMPANY AND THE CONSULTANT SHALL HAVE NO FURTHER RIGHTS HEREUNDER.

Conditional Grant. Subject to the terms and conditions of this Agreement, the Company hereby conditionally grants to the Consultant the right to a conditional issuance of Stock following the occurrence of one or both of the Price Threshold Dates, as set forth below. (a) If at any time prior to January 1, 2000, the Initial Price Threshold Date occurs, the Consultant may become entitled to receive a portion or all of the Initial Amount payable in accordance with the payment schedule and as otherwise set out in Section 2 of this Agreement. (b) If at any time prior to January 1, 2000, the Final Price Threshold Date occurs, the Consultant may become entitled to receive a portion or all of the Final Amount payable in accordance with the payment schedule and as otherwise set out in Section 3 of this Agreement. NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH IN THIS AGREEMENT, THE FOREGOING CONDITIONAL GRANT SHALL BE SUBJECT TO THE APPROVAL AND RATIFICATION OF THE APACHE CORPORATION 1996 SHARE PRICE APPRECIATION PLAN (THE "PLAN") BY THE SHAREHOLDERS OF THE COMPANY AT THE COMPANY'S NEXT ANNUAL MEETING OF SHAREHOLDERS OR AT AN EARLIER SPECIAL MEETING. THE FOREGOING CONDITIONAL GRANT SHALL ALSO BE SUBJECT TO THE APPROVAL AND RATIFICATION BY THE BOARD. UPON APPROVAL OF THE APPROVALS PLAN AS SET FORTH ABOVE, THE GRANT SHALL NO LONGER BE CONDITIONED UPON SUCH APPROVALAPPROVALS, BUT SHALL REMAIN SUBJECT TO THE TERMS AND CONDITIONS SET FORTH HEREIN. IN THE EVENT THAT THE PLAN IS NOT APPROVED AS SET FORTH ABOVE, THE GRANT SHALL BE NULL AND VOID, THIS AGREEMENT SHALL TERMINATE WITHOUT FURTHER LIABILITY OF THE COMPANY AND THE CONSULTANT SHALL HAVE NO FURTHER RIGHTS HEREUNDER.