INITIAL EARN-IN OPTION Sample Clauses

INITIAL EARN-IN OPTION. The Optionee has acquired an initial 10% undivided interest in the Property (the "Initial Earn-In Option") through the payment of Seventy-Five Thousand Dollars ($75,000) (the "Initial Consideration"). Altair will own a 10% undivided interest in the Properties (the "Initial Ownership")
Sample 1
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INITIAL EARN-IN OPTION. The Optionee may acquire an initial 80% undivided interest in the Property (the "Initial Earn-In Option") through the payment of an aggregate of US$100,000 in cash (the "Cash Consideration") and arranging for the issuance of a total of 300,000 common shares in the capital of the Optionee Parent, or such equivalent number of common shares of the Resulting Issuer in the event a Going Public Transaction is completed during the Earn-In Period (the "Consideration Shares") as follows: (i) within thirty Days following the Effective Date, the Optionee shall arrange for the issuance of 100,000 Consideration Shares; (ii) within thirty Business Days following the Effective Date, the Optionee shall pay to Optionor the amount of US$100,000; (ii) on or before the first anniversary of the Effective Date, Optionee shall arrange for the issuance to Optionor of 100,000 Consideration Shares; (iii) on or before the second anniversary of the Effective Date, Optionee shall arrange for issuance to Optionor of 100,000 Consideration Shares; and (iv) payment by Optionee of all amounts required to keep the Claims in good standing.
Sample 1
INITIAL EARN-IN OPTION. The Optionee may acquire an initial 10% undivided interest in the Property (the "Initial Earn-In Option") through the payment of Seventy Five Thousand Dollars ($75,000) (the "Initial Consideration"). The timing of the payments will be Thirty Thousand Dollars ($30,000) within 14 days after the signing of this Agreement and Forty-Five Thousand Dollars ($45,000) within 45 days after the signing of this Agreement. Upon the completion of the payment of the Initial Consideration to AMLM, Altair will own a 10% undivided interest in the Properties (the "Initial Ownership")
Sample 1
INITIAL EARN-IN OPTION. The Optionee may acquire an initial 80% undivided interest in the Property (the "Initial Earn-In Option") through the payment of an aggregate of US$100,000 in cash (the "Cash Consideration") and arranging for the issuance of a total of 300,000 common shares in the capital of the Optionee Parent, or such equivalent number of common shares of the Resulting Issuer in the event a Going Public Transaction is completed during the Earn-In Period (the "Consideration Shares") as follows: (i) within thirty Days following the Effective Date, the Optionee shall arrange for the issuance of 100,000 Consideration Shares; (ii) within thirty Business Days following the Effective Date, the Optionee shall pay to Optionor the amount of US$100,000; (ii) on or before the first anniversary of the Effective Date, Optionee shall arrange for the issuance to Optionor of 100,000 Consideration Shares; (iii) on or before the second anniversary of the Effective Date, Optionee shall arrange for issuance to Optionor of 100,000 Consideration Shares; and (iv) payment by Optionee of all amounts required to keep the Claims in good standing. (b) In addition, to complete the Initial Earn-In Option and acquire its 80% interest in the Property, Optionee is required to expend an aggregate of US$600,000 (the "Aggregate Work Obligation") in Exploration and Development Expenses (as defined in Exhibit B) as follows: 1st Agreement Year US $100,000 Annual Work Commitment 2nd Agreement Year US $200,000 Annual Work Commitment 3rd Agreement Year US $300,000 Annual Work Commitment "Agreement Year" means, during the Earn-In Period, each annual period with the first Agreement Year commencing on the Effective Date and ending on the date that is 12 months less one day from the Effective Date. (c) Any Exploration and Development Expenses incurred by Optionee in excess of the Annual Work Commitment during any Agreement Year shall apply as a credit toward the Annual Work Commitment for the subsequent Agreement Year(s) and toward the Aggregate Work Obligation. 2 <PAGE> (d) If Optionee fails to achieve the Annual Work Commitment during any Agreement Year, and if such failure is not excused by an Event of Force Majeure (as defined in Section 7), then, in order to keep this Agreement in full force and effect, within 30 days after the end of such Agreement Year, Optionee may elect to make a payment to Optionor which shall equal the amount of the Annual Work Commitment for that Agreement Year less the Exploration and De...
Sample 1

Related to INITIAL EARN-IN OPTION

  • Top-Up Option (a) The Company hereby grants to the Purchaser an irrevocable option (the “Top-Up Option”) to purchase, at a price per share equal to the Offer Price, a number of Common Shares (the “Top-Up Option Shares”) that, when added to the number of Common Shares owned by Parent or the Purchaser or any direct or indirect wholly owned Subsidiary of Parent or the Purchaser at the time of exercise of the Top-Up Option, constitutes one Common Share more than 90% of the number of Common Shares that will be outstanding immediately after the issuance of the Top-Up Option Shares. The Top-Up Option may be exercised by the Purchaser, in whole, at any time on or after the date on which the Purchaser accepts for payment and pays for all Common Shares validly tendered and not validly withdrawn pursuant to the Offer (the “Acceptance Date”) and on or prior to the fifth Business Day after the later of the Acceptance Date and the expiration of any subsequent offering period under Rule 14d-11 under the Exchange Act; provided, however, that the obligation of the Company to deliver Top-Up Option Shares upon the exercise of the Top-Up Option is subject to the conditions that (i) the number of Top-Up Option Shares to be issued by the Company shall in no event exceed 19.90% of the number of outstanding Common Shares or the voting power of the Company, in each case, as of immediately prior to the issuance of the Top-Up Option Shares, (ii) no provision of any applicable Law and no judgment, injunction, order or decree shall prohibit the exercise of the Top-Up Option or the delivery of the Top-Up Option Shares in respect of such exercise, (iii) the issuance of Top-Up Option Shares pursuant to the Top-Up Option would not require approval of the Company’s shareholders under applicable Law or regulation (including the NYSE rules and regulations), (iv) upon exercise of the Top-Up Option, the number of Common Shares owned by Parent or the Purchaser or any direct or indirect wholly owned Subsidiary of Parent or the Purchaser constitutes one Share more than 90% of the number of Common Shares that will be outstanding immediately after the issuance of the Top-Up Option Shares and (v) the Purchaser has accepted for payment and paid for all Common Shares validly tendered in the Offer and not validly withdrawn. The parties shall cooperate to ensure that the issuance of the Top-Up Option Shares is accomplished consistent with all applicable legal requirements of all Governmental Entities, including compliance with an applicable exemption from registration of the Top-Up Option Shares under the Securities Act.

  • Initial Equity Grant No later than 45 days following the Commencement Date, the Company shall take such actions as shall be necessary to grant you the right to purchase (the “Stock Purchase Right”) the number of shares of the Company’s common stock (the “Common Stock”) equal to six percent (6%) of the Company’s outstanding capital stock as of the Commencement Date, calculated based on the Fully Diluted Capitalization of the Company (as defined in the next sentence) at a per-share purchase price equal to the per-share fair market value of the underlying shares on the date of grant, as determined reasonably by the Board in good faith. For the purposes of this Agreement, “Fully Diluted Capitalization” includes all outstanding shares of capital stock plus all shares subject to issuance under outstanding options or warrants plus all shares of capital stock reserved for future issuance under the Company’s 2007 Stock Incentive Plan (the “Plan”) that are not subject to outstanding options or other equity awards plus, to the extent not already included in the foregoing, all shares purchased by you, or subject to your right to purchase, pursuant to this Section 3(d) and Section 3(f). The Stock Purchase Right will be granted under the Plan. Any shares of Common Stock purchased upon exercise of the Stock Purchase Right (the “Restricted Stock”) shall be subject to a right of repurchase in favor of the Company at the original purchase price thereof (the “Right of Repurchase”). The Restricted Stock shall vest, and the Right of Repurchase lapse, with respect to thirty-three and one-third percent (33 1/3%) of the total shares of Restricted Stock on the first anniversary of the Commencement Date and with respect to 1/36th of such shares of Restricted Stock on each monthly anniversary of the Commencement Date thereafter so that the Restricted Stock shall be fully vested and the Right of Repurchase fully lapsed on the third anniversary of the Commencement Date, in each case, subject to your continued service to the Company hereunder except as otherwise provided herein. You will be permitted to purchase the shares of Restricted Stock using a full recourse promissory note, equal to the value of the entire purchase, in a form attached hereto as Exhibit A, to the Company bearing an interest rate equal to the Applicable Federal Rate. The Restricted Stock shall be subject to the terms of the Plan and a restricted stock purchase agreement (the “Restricted Stock Purchase Agreement”) in the form attached hereto as Exhibit B to be entered into between you and the Company.

  • Over Allotment Option 1.2.1. The Representative shall have the option (the “Over-Allotment Option”) to purchase all or less than all of an additional 1,500,000 Units (the “Option Units”) solely for the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Units. Such Option Units shall, at the Representative’s election, be purchased for each account of the several Underwriters in the same proportion as the number of Firm Units set forth opposite such Underwriter’s name on Schedule A hereto (subject to adjustment by the Representative to eliminate fractions). Such Option Units shall be identical in all respects to the Firm Units. The Firm Units and the Option Units are hereinafter collectively referred to as the “Public Securities.” No Option Units shall be sold or delivered unless the Firm Units previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Units, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company. The purchase price to be paid for each Option Unit (net of discounts and commissions) will be $9.80 per Option Unit.

  • Adjustments in Option The Committee shall make adjustments with respect to the Option in accordance with the provisions of Section 9.3 of the Plan.

  • Second Option If Tenant exercises the First Option, Landlord grants Tenant an additional option (the "Second Option") to extend the term of the Lease for one (1) additional term of five (5) years (the "Second Option Term"). The Second Option applies only to the Premises and is on the following conditions:

  • Annual Equity Award With respect to each Company fiscal year commencing during the Term, the Executive shall be eligible to receive an annual equity compensation award (each such award, an “Annual Equity Award”). The form and terms and conditions of each Annual Equity Award shall be determined by the Board (or the Compensation Committee of the Board) in its discretion and shall be set forth in one or more written award agreements between the Company and the Executive.

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