Amendment of Option Agreement. This Option Agreement cannot be amended except by a writing executed by the Company and the Participant.
Amendment of Option Agreement. 1.1 Paragraph 4(b) of the Option Agreement is amended to read as follows:
Amendment of Option Agreement. This Agreement may be amended by the Company or the Committee at any time; provided, however, any change adversely affecting the Participant must receive the Participant's written consent, unless the Company or the Committee determines, in its sole discretion, that amendment is necessary or advisable in light of any change or amendment to the Code or to the U.S. Treasury Regulations promulgated thereunder, or any federal or state securities law or other law or regulations, which change occurs after the Grant Date and by its terms applies to the Option.
Amendment of Option Agreement. The Option Agreement shall be and hereby is amended by: (a) deleting Schedule I of the Option Agreement in its entirety and re-designating Schedule II as Schedule I of the Option Agreement, and (b) deleting paragraph (b) of Section 2 of the Option Agreement in its entirety and inserting the following in lieu thereof:
Amendment of Option Agreement. The Board may amend the Option Agreement. No amendment of the Option Agreement shall impair the rights of the Option, unless mutually agreed otherwise between the Optionee and the Board, which agreement must be in writing and signed by the Optionee and the Company.
Amendment of Option Agreement. The Option Agreement is hereby amended to provide that
(a) the “Termination Date” (as defined in the Option Agreement) shall be deemed to be April 16, 2004 instead of January 16, 2004.
(b) Section 14 of the Option Agreement is amended to provide that the Option may be partially exercised by the holder of the Option.
Amendment of Option Agreement. The Company may amend this Agreement and the Option granted herein, but, to the extent such amendment would materially impair the rights or materially increase the obligations of the Optionee, only with the consent of the Optionee.
Amendment of Option Agreement. The Vesting Schedule of the Option Agreement is hereby amended and restated to read in its entirety as follows:
Amendment of Option Agreement. Section 10 of the Option Agreement dated December 22, 1996 is hereby amended to permit the transfer of an Option to purchase 37,500 shares of common stock of the Company by the Seller to the Purchasers pursuant to this Agreement.
Amendment of Option Agreement. 1.1 PFN and PTM concluded an option agreement (the "Agreement") for the property known as the Xxxxx Lake Property (the "Property") located near Sudbury, Ontario on August 15, 2000, and amended August 16, 2001, whereby PFN could exercise an option to earn an undivided 50% interest in the Property in exchange for certain payments and commitments, including the completion of net aggregate Exploration Expenditures on the Property, after any re-imbursements by third parties, of not less than C $500,000 to be completed on the Property by the fourth anniversary of the Effective Date of the Agreement, that Effective Date being December 20, 2000. For greater clarity, in order to exercise its option PFN may elect to incur net Exploration Expenditures of $500,000 at its own expense on the Property by December 20, 2004; or
1.2 according to the terms and conditions of the amended Agreement, PFN may satisfy in whole or part its obligation to incur $500,000 in Exploration Expenditures on the Property by December 20, 2004 by making necessary payments of PFN shares to PTM in four tranches of 75,000 shares commencing in October 2001 and then being made annually within 45 days of the approval of each successive year's annual exploration program by Kaymin Resources Limited. At the time of writing PFN has made three share payments under this amendment each of 75,000 shares to PTM. The shares paid to PTM in accordance with these tranches will be applied against the aggregate Exploration Expenditure requirement at the higher of the 10-day average trading price preceding issuance and $0.60 per share.
1.3 PFN and PTM have mutually agreed to amend the said Agreement for a second time in a certain respect in terms of the August 16, 2001 amendment. The language of Section 3.7 of the the August 16, 2001 first amendment document will be reworded as follows: PFN has issued or will issue to PTM the following PFN share payments, which have already received regulatory approval:
1. 75,000 PFN shares on or before October 31, 2001 (Issued)
2. 75,000 PFN shares within 45 days of Kaymin electing to proceed with the 2002 exploration program (Issued)
3. 75,000 PFN shares within 45 days of Kaymin electing to proceed with the 2003 exploration program (Issued)
4. 75,000 PFN shares within 45 days of Kaymin electing to proceed with a 2004 exploration program The shares paid would be valued at the 10 day trading average prior to their dates of issue and the number of shares to be issued under 1, 2, 3, ...
