Exercise of Put Option; Closing Sample Clauses
Exercise of Put Option; Closing. The Put Option may be exercised during each Put Period by GEI giving a written notice of such exercise (the “Put Notice”) to the Executive at any time during such Put Period, and shall be consummated after the giving of such Put Notice (the “Put Closing”). The Put Closing shall be held at 10 a.m. on the thirtieth day following the giving of the Put Notice at the principal offices of the Company or at such other time and location as to which the parties hereto shall mutually agree. At the Put Closing, (i) GEI shall deliver certificates evidencing the Put Shares to the Executive, duly endorsed in blank or with stock powers duly executed in blank or with such other instruments of transfer as may be necessary (in the reasonable opinion of counsel to the Executive) to transfer title to the Put Shares free and clear of all liens and encumbrances and (ii) the Executive shall wire transfer to GEI funds in the amount of the purchase price thereof, as determined pursuant to this Article IX.
Exercise of Put Option; Closing. (a) Holder may exercise the Put Option with regard to the Option Securities by giving written notice thereof to Grantors (the “Put Option Exercise Notice”) at any time during the period commencing on October 15, 2013 and ending at 5:00 p.m. (New York Time) on November 15, 2013 (“Put Option Period”). The Put Option Exercise Notice shall set forth the date of the closing (the “Put Option Closing”) of the exercise of the Put Option (the “Put Option Closing Date”), which date shall occur at least ten (10) business days from the date the Holder delivers the Put Option Exercise Notice to Grantors, or such other date as is mutually agreed upon in writing between the Holder and Grantors.
(b) Upon the terms and conditions herein set forth, at the Put Option Closing, Holder shall convey, sell, transfer, assign and deliver all of its rights, title and interest in and to half of the Option Securities to each Grantor, free of all liens, charges, encumbrances or restrictions of any kind or nature, and each Grantor shall purchase half of the Option Securities from Holder, in accordance with the terms of this Agreement. At the Put Option Closing, (i) each Grantor shall make payment of $175,000 to the Holder in immediately available U.S. funds, delivered to the account designated therefor by the Holder and (ii) Holder shall deliver to each Grantor the certificate or certificates representing half of the Option Securities, duly executed for transfer, or accompanied by stock powers duly executed in blank (with a medallion guarantee or such other evidence of signature as the Company’s transfer agent may require) transferring such Option Securities to each such Grantor. From and after the Put Option Closing, all rights of the Holder with respect to the Option Securities shall cease, and each Grantor shall legally and beneficially own half of such Option Securities.
Exercise of Put Option; Closing. The Put Option shall be exercised by written notice (the "Put Exercise Notice") delivered by Investor to the Company within the 60-day period specified in Section 5.1 above. The Put Exercise Notice shall specify the number of shares of Common Stock for which the Put Option is being exercised and a closing date for the transfer of the Common Stock to be transferred, which closing date shall be not later than 90 days following the date of such Put Exercise Notice. The purchase of the Common Stock by the Company pursuant to the Put Exercise Notice shall be closed and consummated at the principal office of the Company. At the closing, the Company and Investor shall execute and deliver all documents and instruments as are reasonably deemed appropriate by their respective counsel to effect the transfer of the Common Stock for which the Put Option is being exercised.