Grant and Exercise of Options. A. In consideration of the Director's service to the Corporation, the Corporation desires to compensate the Director with the right and option to purchase up to, but not exceeding, Eight Thousand (8,000) shares of the Common Stock of the Corporation, one cent ($.01) par value, subject to the provisions of this Director's Agreement (hereinafter referred to as the "Option"), said Option exercisable in accordance with the following schedule:
Grant and Exercise of Options. 2.1 The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire a one hundred percent (100%) undivided interest in the Mineral Rights, such 100% interest to be free and clear of all liens, charges, encumbrances, security interests and adverse claims.
Grant and Exercise of Options. Provided that (i) no default has occurred and is then continuing, (ii) if (I) a monetary default has occurred at any time during the immediately preceding twenty-four (24) months and such default continued for more than five (5) business days after Tenant’s receipt of notice thereof, or (II) prior to the immediately preceding twenty-four (24) months, more than one monetary default has occurred during any consecutive twelve (12) month period that continued for more than five (5) business days after Tenant’s receipt of notice thereof, then Tenant’s tangible net worth (as defined in Section 11.02) is greater than $45,000,000, and (iii) Tenant originally named herein or a Permitted Transferee is in possession of at least fifty percent (50%) of the Leased Premises as of the date of exercise and the commencement of the applicable Extension Term (as defined below), Tenant shall have the option to extend the Lease Term for two (2) additional periods of five (5) years each (each an “Extension Term”). Each Extension Term shall be upon the same terms and conditions contained in the Lease except (x) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any, (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not apply to the Extension Term, and (z) the Minimum Annual Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise each option by delivering to Landlord, no later than two hundred seventy (270) days prior to the expiration of the preceding term, written notice of Tenant’s desire to extend the Lease Term. Tenant’s failure to timely exercise such option shall be deemed a waiver of such option and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than one hundred eighty (180) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within thirty (30) days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease reflecting the terms and conditions of the Extension Term within thirty (30) days after Tenant’s acceptance (or deemed acceptance) of the Rent Adjustment.
Grant and Exercise of Options. 1. The parties confirm that pursuant to clause 8 of the Employment Agreement. the Corporation has granted to the Executive an option (the "Option") to acquire 1.000,000 common shares (the "Shares") in the capital of the Corporation at an option price of $4.11 (Cdn.) per share. The Executive's rights to purchase Shares pursuant to this Option will vest and expire as follows: Vesting Date Number of Options Expiry Date(1) Aggregate Number ------------ Exercisable On or -------------- of Options After Vesting Date Exercisable ------------------ ---------------- Immediately 391,727 January 1, 2001 Immediately: 391,727 March 25, 1996 152,069 January 1, 2001 March 25, 1996: 543,796 January 1, 1997 152,068 January 1, 2002 January 1, 1997: 695,864 January 1, 1998 152,068 January 1, 2003 January 1, 1998: 842,932 January 1, 1999 152,068 January 1, 2004 January 1, 1999: 1,000,000
Grant and Exercise of Options. 2.1 The Optionor hereby grants to the Optionee the sole and exclusive right and option to acquire up to a eighty five percent (85%) undivided interest in a Joint Venture which will own the Mineral Rights, such 85% interest to be free and clear of all liens, charges, encumbrances, security interests and adverse claims except for a 2.5% Net Returns Royalty described in Annex II.
Grant and Exercise of Options
