Non-Exercise of Option. If the Option is not exercised within the time and in the manner set forth in Section 2.3 , the Option and this Agreement shall be null and void and no longer binding upon the parties.
Non-Exercise of Option. In the event Optionee does not exercise the option to purchase the Property, the consideration paid to Optionor pursuant to Paragraph 2 above shall be forfeited and remain the property of Optionor.
Non-Exercise of Option. With respect to each Research Target, if AbbVie does not provide Morphic an Exercise Notice on or before the expiration of the applicable Option Period for such Research Target (or as otherwise provided in Section 3.1.2) or notifies Morphic in writing prior to the expiration of such Option Period that AbbVie will not be exercising its Option for such Research Target, then the Option with respect to such Research Target shall terminate immediately and Morphic shall have the right to Exploit products Directed to such Research Target (including granting rights with respect thereto to Third Parties) without any further obligation to AbbVie under this Section 3.1.
Non-Exercise of Option. Whenever, under the terms of this Agreement, the Corporation and Founders have an option to purchase Warrant Shares and elects not to exercise the option, said Warrant Shares shall nevertheless remain subject to all of the terms of this Agreement.
Non-Exercise of Option. If the Sandoz Parties elect not to exercise the Non-U.S. Option pursuant to Section 3.4.1 within the Non-U.S. Option Period, or elect to exercise the Non-U.S. Option with respect to only a portion of the Non-U.S. Territory, on a country-by-country basis, Momenta shall be free to begin discussions or negotiations and/or enter into any contract, agreement, understanding or arrangement with Third Parties relating to the Development and/or Commercialization of the Product in the Non-U.S. Territory or, if applicable, the portion of the Non-U.S. Territory as to which the Sandoz Parties did not exercise the Non-U.S. Option. EXECUTION COPY
Non-Exercise of Option. Buyer’s Notice of waiver of the Option or Buyer’s failure to pay any one of the Option Payments prior to its due date will constitute an irrevocable waiver of the Option by Buyer and the parties thereafter will be released from the terms of this Agreement except as otherwise expressly set forth herein.
Non-Exercise of Option. In the event that AbbVie does not exercise the Option during the New Analysis Review Period, the Agreement will terminate without any action of either Party on the first day following the New Analysis Review Period pursuant to Section 12.1(a), with consequences as set forth in the Agreement.
Non-Exercise of Option. In the event that neither of the ---------------------- conditions to exercise set forth in Section 3(a) or (b) above, is satisfied prior to the expiration of the Option Period or in the event of Zwebner's death or termination of his employment with the Company prior to December 31, 2003 for any reason excluding for cause under Sections 4.01(i) - (iii) of the Employment Agreement, Zwebner or his personal representative may then require that the Company purchase the Option Shares (the "Buy Out"). The Company shall purchase the Option Shares at a price per share equal to the value of the shares based upon a market value sale price of the Company as if the Company were to be sold and the value of the Option Shares would be included in the sale price as calculated in 3(a) above. The market value sale price of the Company shall be determined by a business valuator specializing in telecommunications from a firm of the top ten national certified public accountants hired to value the Company. The value of the Option shall be paid to Zwebner or his personal representative in cash, or at the Company's option, in common stock shares of the Company within 90 days of the exercise of the Buy Out. For example, if at the time of the exercise of the Buy Out there are 3,852,000 shares outstanding and the Company's market value is $10 per share, then Zwebner shall receive $8,129,646 in cash, or at the Company's option, 1,031,680 shares of the common stock of the Company.
Non-Exercise of Option. Notice of waiver to Owner or the failure of Hanover to dispatch a notice prior to the expiration of the Option Period will constitute an irrevocable waiver of the Option and the parties thereafter will be released from the terms of this Agreement, except that Hanover shall have the rights contained in Section 6.2 and 6.3 below and shall comply with the provisions of Section 4.1 below.
Non-Exercise of Option. If the Option is not exercised within the time and in the manner set forth in Section 2.4:
