Granting and Exercise of Options Clause Samples
Granting and Exercise of Options. 3.1 Optionor hereby grants to Optionee the sole and exclusive option to acquire an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save and except for the NSR Royalty.
3.2 In order to exercise the Option and to maintain the Option in good standing, Optionee will:
(a) make cash payments to Optionor totalling $75,000, as follows:
(i) $30,000 on the Effective Date; and
(ii) an additional $45,000, on or before the Listing Date; and
(b) issue a total of 1,250,000 Shares to Optionor, as follows:
(i) 500,000 Shares on or before the Listing Date; and
(ii) an additional 750,000 Shares, on or before the date which is 12 months after the Listing Date. All payments and issuances of Shares described in this Section 3.2 may be accelerated at Optionee's option. There is no partial vesting of the Property.
3.3 This Agreement is for an option only and, for greater certainty, nothing in this Agreement will be construed as obligating Optionee to do any acts, make any payments or issue any Shares hereunder, and any act done or Share issued hereunder will not be construed as obligating Optionee to do any further act or make any further payment.
3.4 Once Optionee has fulfilled the obligations in Section 3.2, Optionee will be deemed to have exercised the Option and will be vested with an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save for the NSR Royalty.
3.5 Upon the exercise of the Option, Optionor will execute and deliver or cause to be executed and delivered within 10 Business Days of the exercise date of the Option to Optionee, or register or cause to be registered with all applicable agencies or places of record, transfers of the Property in favour of Optionee, which transfers may be recorded by Optionee at all such agencies or places of record as may be appropriate or desirable to effect the legal or recorded transfer of the Property to Optionee. Until such transfers are completed, Optionee will be entitled to register or record this Agreement or other evidence of its rights hereunder against title to the Property, and Optionor will promptly execute and deliver, or cause to be executed and delivered, all documents, deeds and other instruments reasonably requested by Optionee for the purpose of facilitating such registration or recording.
3.6 Optionor acknowledges and agrees that the Shares issued pursuant to this Agreement wi...
Granting and Exercise of Options. 3.1 Optionor hereby grants to Optionee the sole and exclusive option to acquire an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save and except for the NSR Royalty.
3.2 In order to exercise the Option and to maintain the Option in good standing, Optionee will:
(a) make a cash payment to Optionor of $25,000 on or before the date that is 30 days after the Effective Date;
(b) issue a total of 1,200,000 Shares to Optionor on or before the Listing Date. All payments and issuances of Shares described in this Section 3.2 may be accelerated at Optionee's option. There is no partial vesting of the Property.
3.3 This Agreement is for an option only and, for greater certainty, nothing in this Agreement will be construed as obligating Optionee to do any acts, make any payments or issue any Shares hereunder, and any act done or Share issued hereunder will not be construed as obligating Optionee to do any further act or make any further payment.
3.4 Once Optionee has fulfilled the obligations in Section 3.2, Optionee will be deemed to have exercised the Option and will be vested with an undivided 100% legal and beneficial right, title and interest in and to the Property free and clear of all Encumbrances save for the NSR Royalty.
3.5 Upon the exercise of the Option, Optionor will execute and deliver or cause to be executed and delivered within 10 Business Days of the exercise date of the Option to Optionee, or register or cause to be registered with all applicable agencies or places of record, transfers of the Property in favour of Optionee, which transfers may be recorded by Optionee at all such agencies or places of record as may be appropriate or desirable to effect the legal or recorded transfer of the Property to Optionee. Until such transfers are completed, Optionee will be entitled to register or record this Agreement or other evidence of its rights hereunder against title to the Property, and Optionor will promptly execute and deliver, or cause to be executed and delivered, all documents, deeds and other instruments reasonably requested by Optionee for the purpose of facilitating such registration or recording.
3.6 Optionor acknowledges and agrees that the Shares issued pursuant to this Agreement will be subject to applicable securities laws and the rules and policies of the Exchange, including any resale restrictions imposed thereby.
3.7 In the event of the issue of Shares pursuant to th...
Granting and Exercise of Options