Common use of Option Granted Clause in Contracts

Option Granted. Party B hereby irrevocably grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B one or more times at any time in part or in whole at Party A’s sole and absolute discretion at the price described in Section 1.3 herein to the extent permitted by PRC laws (such right being the “Equity Interest Purchase Option”). Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. Each of Party B hereby waives its respective preemptive right regarding Party C’s equity under Party C’s articles of association and PRC laws, and hereby irrevocably agrees to transfer Party C’s equity to Party A and/or the Designee. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.

Option Granted. Party B hereby irrevocably grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”) to purchase the equity interests in Party C then held by Party B one or more times at any time in part or in whole at Party A’s sole and absolute discretion at the price described in Section 1.3 herein to the extent permitted by PRC laws (such right being the “Equity Interest Purchase Option”). Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. Each of Party B hereby waives its respective preemptive right regarding Party C’s equity under Party C’s articles of association and PRC laws, and hereby irrevocably agrees to transfer Party C’s equity Equity Interest Purchase Option to Party A and/or the Designee. The term “person” as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.