Fourth Option Clause Samples
The "FOURTH OPTION" clause typically grants a party the right to extend or renew an agreement for a fourth consecutive term, following the exercise of previous renewal options. In practice, this clause outlines the conditions under which the fourth extension can be exercised, such as providing written notice within a specified timeframe and possibly agreeing to updated terms or pricing. Its core function is to provide flexibility and continuity for the parties, ensuring that the relationship can continue seamlessly if both sides wish to do so, while also clarifying the process and requirements for such an extension.
Fourth Option. Two Thousand Eight Hundred Dollars (2,800.00) per month. Monthly rent for all renewal terms is due and payable on the first day of each month, commencing on the first day of the first month of the year of any such renewal, and all such minimum rent shall be considered as monthly installments on the whole amount of the rent due for such renewal term. All rents to be paid by Lessee to Lessor during the term of this Lease or any extension or renewal hereof, shall be made payable to the order of “▇.▇. ▇▇▇▇▇ & Sons of Big Chimney, Inc.”, and mailed, first class U.S. mail, postage prepaid to: ▇.▇. ▇▇▇▇▇ & Sons of Big Chimney, Inc. P.O. ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Fourth Option. One (1) -five (5) year term commencing April 1, 2017 and ending March 31, 2022. The rental rate applicable to any such renewal terms however, shall be as stated at paragraph 3. If Lessee elects to exercise the option to renew this Lease for such additional terms, Lessee shall render notice of such intention, in conformity with Paragraph 24, at least sixty (60) days before the expiration of the then current term. In the event of non-renewal and if Lessee maintains tenancy, Lessee shall be a ‘holdover’ tenant pursuant to paragraph 16, for a period of time not to exceed six (6) months at which time this Lease shall automatically be renewed for the next option period at the rate applicable to said option period as provided at Paragraph 3 or, if no option period is applicable, this Lease shall automatically be renewed for a term equivalent to the primary term at a rate which is ten (10) percent higher than the rent being paid for the immediately preceding option period. If Lessee wishes to avoid having this Lease automatically renew as provided herein, Lessee shall notify Lessor of such at least sixty (60) days before the expiration of the then current term.
Fourth Option exercisable for an additional [ ] shares beginning on [ ] and terminating on [ ].
Fourth Option. Provided the Lessee has exercised the Third Option and provided it shall not at any time be in default pursuant to the Lease, the Lessor shall grant to the Lessee a fourth option to renew the Lease (hereinafter called "Fourth Option") for an additional period of ONE (1) year, commencing on the date of the expiration of the Third Option and ending ONE (1) year later, provided the Lessee notifies the Lessor of such intention in writing by registered or certified mail at least SIX (6) months prior to the expiration of the Third Option, failing which, the Fourth Option shall become null and void and of no legal effect whatsoever. In the event of the Lessee exercising the Fourth Option, all terms and conditions of the Lease shall remain in effect for the fourth renewal period, save that:
Fourth Option. For a five (5) year term, commencing July 1, 2019 and ending June 30, 2024, at a rental of $10,400.00 per month. It is understood and agreed Tenant shall give Landlord thirty days prior written notice of its intention to exercise any option to extend this Lease. However, in the event Tenant does not give such written notice, its right to exercise any option before termination of the Lease shall not expire until fifteen working days after receipt of Landlord’s written demand to exercise or forfeit said option.
Fourth Option. On October 12, 2022 (“Fourth Option Grant Date”), Executive was granted the option to purchase all or any part of 200,000 of the Common Stock at a purchase price that equaled the closing price of the Company’s Common Stock as reported on the trading market in which the Common Stock traded on the Fourth Option Grant Date (the “Fourth Option”). The Fourth Option shall vest and become exercisable in accordance with the following vesting schedule: (aa) 50,000 shares of Common Stock subject to the Fourth Option will vest and become exercisable on the first anniversary of the Fourth Option Grant Date; (bb) an additional 50,000 shares of Common Stock subject to the Fourth Option will vest and become exercisable on the second anniversary of the Fourth Option Grant Date; (cc) an additional 50,000 shares of Common Stock subject to the Fourth Option will vest and become exercisable on the third anniversary of the Fourth Option Grant Date; and (dd) the remaining 50,000 shares of Common Stock subject to the Fourth Option will vest and become exercisable on the fourth anniversary of the Fourth Option Grant Date, such that the Fourth Option shall be fully vested as of such date.
Fourth Option