Common use of Grant of Purchase Rights Clause in Contracts

Grant of Purchase Rights. ECA hereby grants to Coors the right and --------------------------- privilege to purchase up to 5,000 shares of its Common Stock at $75.00 per share (the "Purchase Rights") in the following manner: a. On and after January 1, 1999, to and including December 31, 2003, 1667 shares. b. On and after January 1, 2000, to and including December 31, 2004, 1667 shares. c. On and after January 1, 2001, to and including December 31, 2005, 1666 shares. During each five (5) year period, shares may be purchased incrementally or in one lump sum. Coors may elect to purchase the stock by providing notice to ECA as provided in paragraph 2. In order to be entitled to exercise the Purchase Rights granted hereunder, Coors must remain an active and recognized Director of ECA during the purchase period. If Coors's Director role with ECA is completed for any reason during the purchase period, all unexercised Purchase Rights shall become null and void on the date the role is ended. Failure to exercise the Purchase Rights by December 31 of each year specified above shall result in the termination of the Purchase Rights granted during that time period and such Purchase Rights shall become null and void.

Appears in 1 contract

Samples: Incentive Stock Purchase Agreement (Energy Corp of America)

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Grant of Purchase Rights. ECA hereby grants to Coors Dorgan the right and --------------------------- privilege to purchase up to 5,000 shares of its Common Stock at $75.00 per share (the "Purchase Rights") in the following manner: a. On and after January 1, 1999, to and including December 31, 2003, 1667 shares. b. On and after January 1, 2000, to and including December 31, 2004, 1667 shares. c. On and after January 1, 2001, to and including December 31, 2005, 1666 shares. During each five (5) year period, shares may be purchased incrementally or in one lump sum. Coors Dorgan may elect to purchase the purcxxxx xhe stock by providing notice to ECA as provided in paragraph 2. In order to be entitled to exercise the Purchase Rights granted hereunder, Coors Dorgan must remain an active axxxxx and recognized Director of ECA during the purchase period. If CoorsDorgan's Director role with ECA xxxx XXX is completed for any reason during the purchase period, all unexercised Purchase Rights shall become null and void on the date the role is ended. Failure to exercise the Purchase Rights by December 31 of each year specified above shall result in the termination of the Purchase Rights granted during that time period and such Purchase Rights shall become null and void.

Appears in 1 contract

Samples: Incentive Stock Purchase Agreement (Energy Corp of America)

Grant of Purchase Rights. ECA hereby grants to Coors Caperton the right and -- --------------------------- privilege to purchase up to 5,000 shares of its Common Stock at $75.00 per share (the "Purchase Rights") in the following manner: a. On and after January 1, 1999, to and including December 31, 2003, 1667 shares. b. On and after January 1, 2000, to and including December 31, 2004, 1667 shares. c. On and after January 1, 2001, to and including December 31, 2005, 1666 shares. During each five (5) year period, shares may be purchased incrementally or in one lump sum. Coors Caperton may elect to purchase the puxxxxxx xhe stock by providing notice to ECA as provided in paragraph 2. In order to be entitled to exercise the Purchase Rights granted hereunder, Coors Caperton must remain an active xx xxxxve and recognized Director of ECA during the purchase period. If CoorsCaperton's Director role with ECA roxx xxxx XCA is completed for any reason during the purchase period, all unexercised Purchase Rights shall become null and void on the date the role is ended. Failure to exercise the Purchase Rights by December 31 of each year specified above shall result in the termination of the Purchase Rights granted during that time period and such Purchase Rights shall become null and void.

Appears in 1 contract

Samples: Incentive Stock Purchase Agreement (Energy Corp of America)

Grant of Purchase Rights. ECA hereby grants to Coors Curtis the right and --------------------------- privilege to purchase up to 5,000 shares of its Common Stock at $75.00 per share (the "Purchase Rights") in the following manner: a. On and after January 1, 1999, to and including December 31, 2003, 1667 shares. b. On and after January 1, 2000, to and including December 31, 2004, 1667 shares. c. On and after January 1, 2001, to and including December 31, 2005, 1666 shares. During each five (5) year period, shares may be purchased incrementally or in one lump sum. Coors Curtis may elect to purchase the purcxxxx xhe stock by providing notice to ECA as provided in paragraph 2. In order to be entitled to exercise the Purchase Rights granted hereunder, Coors Curtis must remain an active axxxxx and recognized Director of ECA during the purchase period. If CoorsCurtis's Director role with ECA xxxx XXX is completed for any reason during the purchase period, all unexercised Purchase Rights shall become null and void on the date the role is ended. Failure to exercise the Purchase Rights by December 31 of each year specified above shall result in the termination of the Purchase Rights granted during that time period and such Purchase Rights shall become null and void.

Appears in 1 contract

Samples: Incentive Stock Purchase Agreement (Energy Corp of America)

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Grant of Purchase Rights. ECA hereby grants to Coors Nielsen the right and --------------------------- privilege to purchase up to 5,000 shares of its Common Stock at $75.00 per share (the "Purchase Rights") in the following manner: a. On and after January 1, 1999, to and including December 31, 2003, 1667 shares. b. On and after January 1, 2000, to and including December 31, 2004, 1667 shares. c. On and after January 1, 2001, to and including December 31, 2005, 1666 shares. During each five (5) year period, shares may be purchased incrementally or in one lump sum. Coors Nielsen may elect to purchase the purxxxxx xhe stock by providing notice to ECA as provided in paragraph 2. In order to be entitled to exercise the Purchase Rights granted hereunder, Coors Nielsen must remain an active and axxxxx xnd recognized Director of ECA during the purchase period. If CoorsNielsen's Director role with ECA xxxx XXX is completed for any reason during the purchase period, all unexercised Purchase Rights shall become null and void on the date the role is ended. Failure to exercise the Purchase Rights by December 31 of each year specified above shall result in the termination of the Purchase Rights granted during that time period and such Purchase Rights shall become null and void.

Appears in 1 contract

Samples: Incentive Stock Purchase Agreement (Energy Corp of America)

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