Preferential Purchase Right. During the period of employment hereunder and for a period of five years thereafter, if Pangea, either through the Employer or any other Pangea affiliate, receives and desires to accept an offer ("Offer") for the purchase or other transfer of all, or of any substantial portion, of the oil and gas properties owned by Pangea and/or its affiliates ("Mineral Properties"), Pangea shall promptly give the Employee written notice ("Sale Notice") of the Offer, including the name and address of the prospective transferee (who must be ready, willing and able to purchase), identification of the particular Mineral Properties involved, the proposed purchase price, and all other terms of the Offer. Subject to the limitation in the last sentence of this Paragraph, the Employee shall have an option in preference to the proposed transferee to purchase for his own account ("Option") the Mineral Properties subject to the Offer, at the price and otherwise on the terms described in the Sale Notice. The Employee's Option shall expire if he has not given Pangea written notice within ten days of his receipt of the Sale Notice stating his intent to exercise the Option. If the Employee gives notice of his intention to exercise the Option within the time allowed, the exercise of the Option shall be closed at the offices of Pangea, or at such other location as Pangea and the Employee may mutually agree, on or before the close of business on the 90th day following the Employee's receipt of the Sale Notice. However, notwithstanding any other provision in this Paragraph, the Employee shall have no purchase option in the case of: (a) transfer of Mineral Properties to another affiliate of Pangea, (b) transfer of Mineral Properties as mortgage collateral, or (c) transfer of mortgaged Mineral Properties in lieu of or pursuant to a mortgage foreclosure.
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Preferential Purchase Right. During the period of employment hereunder and for a period of five years thereafter, if Pangea, either through the Employer or any other Pangea affiliate, receives and desires to accept an offer ("Offer") for the purchase or other transfer of all, or of any substantial portion, of the oil and gas properties owned by Pangea and/or its affiliates ("Mineral Properties"), Pangea shall promptly give the Employee written notice ("Sale Notice") of the Offer, including the name and address of the prospective transferee (who must be ready, willing and able to purchase), identification of the particular Mineral Properties involved, the proposed purchase price, and all other terms of the Offer. Subject to the limitation in the last sentence of this Paragraph, the Employee shall have an option in preference to the proposed transferee to purchase for his own account ("Option") the Mineral Properties subject to the Offer, at the price and otherwise on the terms described in the Sale Notice. The Employee's Option shall expire if he has not given Pangea written notice within ten days of his receipt of the Sale Notice stating his intent to exercise the Option. If the Employee gives notice of his intention to exercise the Option within the time allowed, the exercise of the Option shall be closed at the offices of Pangea, or at such other location as Pangea and the Employee may mutually agree, on or before the close of business on the 90th day following the Employee's receipt of the Sale Notice. However, notwithstanding any other provision in this Paragraph, the Employee shall have no purchase option in the case of: (a) transfer of Mineral Properties to another affiliate of Pangea, (b) transfer of Mineral Properties as mortgage collateral, or (c) transfer of mortgaged Mineral Properties in lieu of or pursuant to a mortgage foreclosure.
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