Option Surrender Agreement Sample Clauses
An Option Surrender Agreement is a contractual provision that allows a party holding an option—such as the right to purchase property or shares—to voluntarily give up or relinquish that option before its expiration. In practice, this agreement typically outlines the terms under which the surrender occurs, including any compensation or consideration provided to the option holder in exchange for surrendering their rights. The core function of this clause is to provide a clear and mutually agreed-upon process for terminating option rights early, thereby resolving potential uncertainties or disputes regarding the option's future exercise.
Option Surrender Agreement. Upon delivery by each Optionholder of an Option Surrender Agreement, the applicable portion of the Closing Merger Consideration payable to such Optionholder shall be paid to such Optionholder in accordance with Section 3.6.
Option Surrender Agreement. Purchaser shall have received Option Surrender Agreements duly executed by each Option Holder.