OPTION HOLDER Clause Samples
The OPTION HOLDER clause defines the rights and status of a party who possesses an option under an agreement, such as the right to purchase property, shares, or other assets at a later date under specified terms. This clause typically outlines the conditions under which the option holder may exercise their option, any limitations on transferability, and the obligations they must fulfill to maintain their rights. By clearly establishing the option holder's entitlements and responsibilities, the clause ensures both parties understand the scope of the option and helps prevent disputes regarding its exercise or validity.
OPTION HOLDER. PUT". At the request of OPTION HOLDER by written notice (x) at any time during which the OPTION GRANTOR Option is exercisable pursuant to Section 2 (the "Repurchase Period"), OPTION GRANTOR (or any successor entity thereof) shall, if permitted by applicable law, the OPTION GRANTOR Articles and Bylaws and OPTION GRANTOR's Material Contracts, repurchase from OPTION HOLDER all or any portion of the OPTION GRANTOR Option, at the price set forth in subparagraph (i) below, or, (y) at any time prior to May 10, 1997 (provided that such date shall be extended to May 10, 1998 under the circumstances where the date after which either party may terminate the Merger Agreement pursuant to Section 10.1(b) of the Merger Agreement has been extended to May 10, 1998), OPTION GRANTOR (or any successor entity thereof) shall, if permitted by applicable law, the OPTION GRANTOR Articles and Bylaws and OPTION GRANTOR's Material Contracts, repurchase from OPTION HOLDER all or any portion of the OPTION GRANTOR Shares purchased by OPTION HOLDER pursuant to the OPTION GRANTOR Option, at the price set forth in subparagraph (ii) below:
OPTION HOLDER. The meaning set forth in the Preamble, having an address for notices hereunder at c/o Dakota Territory Resource Corp., 1▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇, ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, Attention: J▇▇▇▇▇▇▇ ▇▇▇▇, Email: J▇▇▇▇@▇▇▇▇-▇▇.▇▇▇ with copies to Option Holder's Attorney.
OPTION HOLDER. BY: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇.
OPTION HOLDER. 1 Person...........................................................................................................52
OPTION HOLDER. 18.1 The Option-holder agrees that the vesting of Shares pursuant to Clauses 3 and 4.4 is subject to continuing employment with the Group.
18.2 The Option-holder agrees that this Option and the transactions contemplated hereunder does not constitute an express or implied promise of continued employment with the Group.
18.3 The Option-holder confirms to the Company that his Committed Time amounts to at least 25 hours a week or, if less, 75% of his Working Time.
18.4 The Option-holder acknowledges receipt of a copy of this Agreement including Appendix A.
18.5 The Option-holder hereby accepts this Option subject to all of the terms and provisions thereof.
18.6 The Option-holder declares that he has reviewed this Agreement in its entirety, has had an opportunity to obtain advice of Counsel prior to executing this Agreement and fully understands all the provisions of this Agreement including the Schedule.
18.7 The Option-holder further agrees to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions arising under this Agreement.
18.8 The Option-holder also agrees to notify the Company upon any change in his residential address.
OPTION HOLDER. Timothy A. Samples
OPTION HOLDER. 10.1 The Option-holder agrees that the vesting of Shares pursuant to Clause 4 is subject to continuing employment with the Group.
10.2 The Option-holder agrees that this Agreement, the transactions contemplated hereunder does not constitute an express or implied promise of continued employment with the Group.
10.3 The Option-holder confirms to the Group that his Committed Time amounts to at least 25 hours a week or, if less, 75% of his Working Time.
10.4 The Option-holder acknowledges receipt of a copy of this Agreement including the Schedule and Appendix A. He further states that he is familiar with the terms and provisions contained therein.
10.5 The Option-holder hereby accepts this Option subject to all of the terms and provisions contained in the Agreement thereof.
OPTION HOLDER. SECURITY CAPITAL CORPORATION By: -------------------------------- Attest: ----------------------------
OPTION HOLDER. 16.1 The Option-holder agrees that this Option and the transactions contemplated hereunder does not constitute an express or implied promise of continued employment with the Group.
16.2 The Option-holder acknowledges receipt of a copy of this Agreement including Appendix A.
16.3 The Option-holder hereby accepts this Option subject to all of the terms and provisions thereof.
OPTION HOLDER. LASER ▇▇▇▇.▇▇▇, INC.