Option to Participate. (a) If any Stockholder receives an expression of interest from a broker-dealer or other third party regarding a potential block purchase of Common Stock, that Stockholder (the “Initiating Stockholder”) shall deliver to the Company a written notice describing all the terms and conditions of the proposed block purchase, including the number of shares proposed to be purchased, the purchase price, and the identity of the proposed purchaser.
(b) If (i) the Company receives a written notice from a Stockholder regarding a potential block purchase of Common Stock pursuant to subsection (a) hereof (a “Stockholder-Initiated Block Sale”), or (ii) the Company receives an expression of interest from a broker-dealer or other third party regarding a potential block purchase of Common Stock (a “Company-Initiated Block Sale”), then the Company shall promptly deliver to the Stockholders a written notice (a “Proposed Block Trade Notice”) describing all the terms and conditions of the proposed block purchase, including the number of shares proposed to be purchased, the purchase price, and the identity of the proposed purchaser, and notifying the Stockholders that they are eligible to sell Common Stock held by them in connection with such block purchase in accordance with this Article 3.
(c) Each Stockholder may elect to participate in the proposed block sale by delivering a written notice (a “Block Trade Election Notice”) to the Company within two business days after receipt of a Proposed Block Trade Notice from the Company. Each Stockholder that elects to participate in such block trade (a “Co-Seller”) may sell in the proposed transaction that number of shares of Common Stock as shall be determined in accordance with Section 3.2, at the price per share and on the terms and conditions as proposed in the Block Trade Election Notice. Any Stockholder who fails to timely deliver a Block Trade Election Notice to the Company shall be deemed to have waived any right to participate in such block sale.
Option to Participate. The County may elect to participate in the grant program in calendar year 2003. The County is required to provide written notice to the State in each year of its election to receive the loan and the notice shall be signed by the County’s Project Director and Chief Administrative Officer. The notice will also specify the amount of the loan which may be less than $565,000. The State is not obligated to make the grant in calendar year 2003 if the County has not repaid the prior year’s loan as established in Section 6, or renegotiated the repayment definition. The State may make a grant in calendar year 2003 in a lesser amount than that requested by the County if the State determines that the County would be unable to repay the amount of the requested grant.
Option to Participate. All full and part-time employees will be given the option to participate in the health insurance plan. Should the District adopt a self-funded insurance plan and an employee declines to participate, the Board agrees to fully fund at 100% the total amount of the individual premium that the Board and the employee would have shared.
Option to Participate. Employees not eligible for District contribution shall be allowed to participate in the medical, dental, life, and long term disability insurance plans at no cost to the District and if allowed by the insurance carrier.
Option to Participate. The Carrier Deciding Member may elect to participate in the contemplated Tag Sale by delivering a written notice (an “Election Notice”) to the Watsco Deciding Member within twenty (20) Business Days after receipt of a Tag Notice relating to such sale and the Carrier Deciding Member may elect to sell in the contemplated Tag Sale up to that number of Membership Interests owned by the Carrier Holders as is set forth in this Section 12.3 above. If the Carrier Deciding Member fails to deliver in a timely manner an Election Notice to the Watsco Deciding Member, it shall be deemed to have waived any right to participate in the Tag Sale. To the extent that the Carrier Deciding Member exercises such right of participation in accordance with the terms and conditions hereof, the number of Membership Interests which the Tag Seller may sell shall be correspondingly. Promptly following expiration of the offering period for the Tag Notice, the Watsco Deciding Member will notify the Carrier Deciding Member whether the Membership Interests offered by the Tag Seller in the Tag Notice will be purchased and shall confirm the final terms of the Tag Sale to the third party purchaser.
Option to Participate. Within 15 days after receipt of the notice and information referred to in paragraph A.3., the Non-Acquiring Party may elect to acquire its share in the AMI Leases so acquired by notifying the Acquiring Party of such election in writing. The shares of the parties shall be: Participant: 25% PetroShare: 75% Promptly after the acceptance of the offered AMI Lease, the Acquiring Party shall invoice the Non-Acquiring Party for Non-Acquiring Party’s Share of the AMI Acquisition Costs. The Non-Acquiring Party shall promptly reimburse Acquiring Party for the Non-Acquiring Party’s share of the AMI Acquisition Costs, as reflected by the invoice. Upon receipt of such reimbursement, (which may be required by Non-Acquiring Party to occur at a closing where Acquiring Party shall simultaneously convey title to such Non-Acquiring Party) Acquiring Party shall execute and deliver an executed Assignment to Non-Acquiring Party. If Acquiring Party does not receive the amount due from the Non-Acquiring Party within thirty (30) days after the receipt by such Non-Acquiring Party of the invoice for its costs, at Acquiring Party’s option, such failure shall constitute a withdrawal by Non-Acquiring Party of its former election to acquire the interest, and Non-Acquiring Party shall no longer have the right to acquire an interest in the offered AMI Lease. If Acquiring Party does not elect to treat such nonpayment as a withdrawal of the election to participate in the acquisition, Non- Acquiring Party shall remain liable for payment. A delay in payment by Non- Acquiring Party shall not affect Non-Acquiring Party’s election to acquire the interest unless Acquiring Party gives the notice described in the foregoing sentence.
Option to Participate. Any Co-Seller receiving the Notice of Intention to Sell pursuant to Section 3 (a) may elect to participate in the contemplated sale by delivering a written notice (an “Election Notice”) to the Selling Holder within twenty-five (25) days after receipt of such Notice of Intention to Sell, and each such Co-Seller may elect to sell in the contemplated transaction up to that number of Shares owned by him as is set forth in this Section 6 above. Any Stockholder who fails to timely deliver an Election Notice to the Selling Holder shall be deemed to have waived any right to participate in the sale. To the extent that one or more Co-Sellers exercise such right of participation, in accordance with the terms and conditions hereof, the number of Shares which the Selling Holder may sell shall be correspondingly reduced. Promptly following expiration of the offering period for the First Inside Offer and the Second Inside Offer, the Selling Holder will notify the Co-Seller whether the Shares offered by the Selling Holder will be purchased in such Offers and if not, shall confirm, if applicable, the final terms of the sale to the Third Party Purchaser. Nothing in this Section 6 shall prevent a Holder from accepting a Second Inside Offer as a Stockholder and electing to be a Co-Seller pursuant to this Section 6 in the event that all of the Selling Holder’s Shares are not purchased by the Company and the other Stockholders pursuant to Section 3.
Option to Participate. The Selling Member shall deliver to the Company and the Co-Sale Members a written notice of the proposed transaction (hereinafter referred to as a “Co-Sale Notice”) to Transfer the Specified Units which shall set forth the name and address of the Third Party Purchaser and the material terms and conditions of the proposed transactions, including the purchase price and the number of Specified Units (the “Co-Sale Terms”). Co-Sale Members may elect to participate in the contemplated sale by delivering a written notice (an “Election Notice”) to the Selling Member within twenty (20) Business Days after the giving of a Co-Sale Notice relating to such Transfer and the Co-Sale Members may elect to Transfer in the contemplated transaction up to that number of Series 1 Senior Preferred Units and Junior Preferred Units owned by the Co-Sale Members as is determined in accordance with Section 5.3(c).
Option to Participate. The County may elect to participate in the loan program in calendar years 2000 and 2001. The County is required to provide written notice to the State in each year of its election to receive the loan and the notice shall be signed by the County’s Project Director and Chief Administrative The notice will also the amount of the loan which may be less than $565,000. The State is not obligated to make the loan in calendar years 2000 and 2001 if the County has not repaid the prior year’s loan as established in Section 6, or renegotiated the repayment definition. The State may make a loan in calendar years 2000 and 2001 in a lesser amount than that requested by the County if the State determines that the County would be unable to repay the amount of the requested loan.
Option to Participate. On each Prospect where Texaco has elected to retain an overriding royalty before Project Payout, Texaco shall have the option, on a Prospect by Prospect basis, to convert its retained overriding royalty interest to a working interest in all xxxxx located on each Prospect earned by McMoRan, the equipment therein and thereon and the production therefrom, by giving written notice thereof to McMoRan within sixty (60) days after receipt of the aforementioned Project Payout notification. In the event Texaco exercises such option, McMoRan agrees to assign to Texaco, effective as of the date of Project Payout, an undivided ******** of its rights in and to the xxxxx, the equipment therein, thereon and related thereto, and the production therefrom attributable to the interest covered by the applicable Farmout Agreement or Sublease. McMoRan shall reassign to Texaco ******** of the Operating Rights originally conveyed by Texaco to McMoRan in said Prospect(s). The assignment from McMoRan to Texaco shall be free and clear of all burdens except Lessor's royalty and other burdens of record covering the earned Contract Acreage existing prior to the Effective Date of this Agreement.
