General Option Sample Clauses
A General Option clause grants one party the right, but not the obligation, to take a specific action under the contract, such as purchasing additional goods, extending a service period, or entering into a further agreement. This clause typically outlines the conditions under which the option can be exercised, including any time limits, notice requirements, or pricing terms. Its core practical function is to provide flexibility and certainty for the option holder, allowing them to make future decisions based on changing circumstances while ensuring the other party is aware of potential obligations.
General Option. At any time after the period beginning on May 26, 1996, upon 90 days prior written notice to the Company (such notice being herein referred to as the "Put Notice"), provided the Company's stock is no longer publicly traded, the Holder shall have the option to require the Company to purchase this Warrant and/or the Shares of Common Stock issued pursuant hereto (or any portion thereof) for a price equal to the product of (i) the percentage ownership of the Common Stock of the Company represented by this Warrant and the Shares of Common Stock issued pursuant hereto that the Holder wishes to require the Company to purchase under this Section 7(b) (expressed as a decimal and calculated on a fully diluted basis), and (ii) the greater of the following values, all calculated as of the last day of the month immediately preceding the date the Put Notice is delivered to the Company (a) 150% of the net book value of the Company, (b) 400% of the earnings before interest, taxes, depreciation and amortization (less any outstanding funded debt to The Catalyst Fund, Ltd. and other lenders) ("EBITDA") of the Company for the preceding 24 month period ended on the last day of the month immediately preceding the date the Put Notice is delivered to the Company, or (C) at the, option of the Holder, the appraised value of the Company. The appraised value of the Company shall be determined as of the last day of the month immediately preceding the date the Put Notice is delivered to the Company in the following manner: First, the Holder shall select and pay for an appraisal of the Company performed by a certified appraiser (the "First Appraisal"). The appraised value of the Company as determined by the First Appraisal shall be binding upon the Company and the Holder as the appraised value of the Company unless the Company shall notify the Holder in writing of its objection to such appraised value within 30 days of the Company's receipt of notice of such appraised value (the "First Appraisal Notice"). If the Company so notifies the Holder, the appraisal value of the Company determined by the First Appraisal shall nevertheless remain the appraised value of the Company unless the Company shall pay for and obtain a second appraisal value of the Company from a certified appraiser (the "Second Appraisal") and deliver such Second Appraisal to the Holder within 30 days of receipt of the First Appraisal Notice. If the Company complies with the requirements of the preceding sentence, the Sec...
General Option. At any time after the period beginning on January 28, 1998, upon 90 days prior written notice to the Company (such notice being herein referred to as the "Put Notice"), provided the Company's stock is no longer publicly traded, the Holder shall have the option to require the Company to purchase this Warrant and/or the Shares of Common Stock issued pursuant hereto (or any portion thereof) for a price equal to the product of (i) the percentage ownership of the Common Stock of the Company represented by this Warrant and the Shares of Common Stock issued pursuant hereto that the Holder wishes to require the Company to purchase under this Section 7(b) (expressed as a decimal and calculated on a fully diluted basis), and (ii) the greater of the following values, all calculated as of the last day of the month immediately preceding the date the Put Notice is delivered to the Company (A) 150% of the net book value of the Company, (B) 400% of the earnings before interest, taxes, depreciation and amortization (less any outstanding funded debt to The Catalyst Fund, Ltd. and other lenders) ("EBITDA") of the Company for the preceding 24
General Option. (1) Subject to the terms and conditions of this Agreement, the Parties intend to collaborate on the development [***]. Gilead will prepare an initial, high level development plan for each Product, which plan shall set forth the initial development activities to be conducted under this Agreement (any such product development plan, as may be updated from time to time by Gilead through the JDC and subject to Section 4.1(a)(4)), is hereinafter referred to as a “Product Development Plan” or “PDP”). Gilead will [***]. Durect shall [***]. The timelines, anticipated Durect Costs, and other details associated with performing the Durect Development Activities will be set forth in each PDP (such details, the “Requirements”). In the event that [***]. If Gilead chooses the foregoing clause (ii) option, then [***].
(2) An initial, high level Product Development Plan for the first Product is attached hereto as Exhibit 4.1(a)(2).
(3) At Gilead’s request from time to time, the Parties (including, through the JDC) shall discuss in good faith each Product Development Plan (or an amendment thereto) for each different (i.e., alternative formulation of) Product, including discussing activities that could be potentially performed by Durect. [***].
(4) From time to time upon agreement of the Parties (through the JDC), but no less frequently than [***], the Parties (through the JDC) shall amend each PDP to update activities for which Durect will be responsible and will obtain reimbursement from Gilead.
(5) Each PDP may include, among other things, activities related to [***].
(6) Except for the Durect Development Activities, which will be the responsibility of and conducted by Durect or its Contractors, and subject to the oversight of the JDC, [***] Gilead, directly or through its Affiliates or Sublicensees, shall [***]; provided that [***], [***] Gilead shall keep Durect reasonably informed as to the progress of such development activities by providing written reports of such activities and the data resulting therefrom on [***] basis, or otherwise upon Durect’s reasonable request from time-to-time, until, on a Product-by-Product basis, the earlier [***] It is understood and agreed that, as between the Parties, all development efforts for Product for the Field in the Territory shall be at the sole expense of Gilead including reimbursement of the Durect Development Activities that are pre-approved in writing by Gilead, as set forth in Section 6.1.
General Option. Executive and Company have entered into an agreement dated the 17th day of February, 1994 and entitled “Agreement for Compensation on Discharge Subsequent to a Change in Control” (the “Change in Control Agreement”) the term of which has been extended to February 17, 2004. It is agreed that in the event there is a termination of the employment of Executive with Company and as a result of such termination Executive would but for any election pursuant to the provisions of this Section 9, become entitled to payment under the Change in Control Agreement, he shall within ninety (90) days of such termination elect to receive either (a) all of the payments and other benefits provided for by the terms of this Agreement or (b) all of the payments and other benefits provided for by the provisions of the Change in Control Agreement; but in no event shall he be entitled to benefits under this Agreement and any provision of the Change in Control Agreement. Further, in the event Executive elects to receive payments and benefits under this Agreement or under the Change in Control Agreement, he shall be entitled to no other payments or damages for termination of employment. It is further agreed that notice by Company that its election to terminate this Agreement as provided in Subsection 3b hereof shall be deemed a discharge for purposes of applying the provisions of the Change in Control Agreement. In the event, Executive elects to receive payments and benefits pursuant to the provisions of the Change in Control Agreement and it is subsequently determined that he is not entitled to benefits thereunder but there is no determination that he was discharged for cause for purposes of the Change in Control Agreement, Executive shall be entitled to payments and benefits pursuant to the provisions of this Agreement if and to the extent that but for such election he would have been so entitled.
General Option. An employee who has opted for transfer to another classification in lieu of retrenchment shall have 8 weeks in which to change their mind and accept retrenchment terms which were available at the time of transfer.
General Option. An employee who has opted for transfer to another classification in the plant in lieu of retrenchment shall have three months in which to change their mind and accept retrenchment terms which were available to them at the time of transfer.