the Second Option definition
Examples of the Second Option in a sentence
Each Investor may elect to purchase any of the remaining Available Units available to such Investor by delivering written notice to the Company within five (5) days after the delivery of the Second Option Notice (such 5-day period being referred to herein as the "Second Period").
Each Option Term shall be subject to all the terms, covenants and conditions of the Lease, except as modified by this provision (meaning, no further options will be re-imposed, subject only to the Second Option Term).
Each member of the ▇▇▇▇ Group may elect to purchase any of the remaining Available Shares available to such member of the ▇▇▇▇ Group by delivering written notice to the Company within 10 days after the delivery of the Second Option Notice (with such 10-day period referred to herein as the "Second Election Period").
The Tenant shall deliver written notice of its intent to exercise each Option Term, delivering such written notice to Landlord prior to but not after the date which is 365 days prior to the expiration of the initial Term (as to the First Option Term) or 365 days prior to the expiration of the First Option Term (for the Second Option Term), but no earlier than the date which is fifteen (15) months prior to the expiration of the then current Term.
The closing of any purchase and sale under this Article 2 shall take place at the principal office of the Company at the date designated by the Company, which shall not be more than ninety (90) days after the written consent of the Company pursuant to Section 2.1(a) or ninety (90) days after the end of the Second Option Period pursuant to Section 2.1(b).
In no circumstance shall the assignee under a complete or partial assignment of this Lease, or a subtenant under a sublease of all or any portion of the Premises, have the right to exercise the Second Option to Extend.
In order for the Second Option to vest, Adjusted Pretax Profits for the twelve month period ending on June 30, 2000, must be not less than 118% of the Adjusted Pretax Profits as stated in the June 30, 1999 fiscal year ending audited financial statements.
Lessee's exercise of the Second Option to Extend Term shall not operate to cure any default by Lessee of any of the terms or provisions in this Lease, nor to extinguish or impair any rights or remedies of Lessor arising by virtue of such default.
The allocation of Unvested Options between the First Option Tranche and the Second Option Tranche (and the forfeiture of options as set forth above) shall be made pro rata among each grant of an Unvested Stock Option held by the Executive, based upon the number of shares covered by such Unvested Stock Option and shall be rounded to the nearest whole number of shares using conventions customarily employed by the Parent for such purpose.
An example of the operation of the Performance Criteria is as follows: if the Adjusted Pretax Profits for the twelve month period ending June 30, 1999 are $1,000,000, then in order for the Second Option to vest, Adjusted Pretax Profits must be $1,180,000 for the 12 month period ending on June 30, 2000.