Optionee Acknowledgements Sample Clauses
The 'Optionee Acknowledgements' clause serves to confirm that the optionee (the party receiving an option, such as to purchase shares or property) understands and agrees to specific terms, conditions, and disclosures related to the option agreement. Typically, this clause requires the optionee to acknowledge receipt of relevant documents, awareness of any risks or restrictions, and acceptance of the obligations imposed by the agreement. By obtaining these acknowledgements, the clause helps ensure that the optionee cannot later claim ignorance of key terms, thereby reducing the risk of disputes and promoting transparency between the parties.
Optionee Acknowledgements. By accepting the grant of this Option, Optionee acknowledges and agrees that the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement. Optionee acknowledges that all decisions with respect to future grants, if any, will be at the sole discretion of the Company. Optionee’s participation in the Plan shall not create a right to further employment with Employer and shall not interfere with the ability of Employer to terminate Optionee’s employment relationship at any time with or without cause and it is expressly agreed and understood that employment is terminable at the will of either party, insofar as permitted by law. Optionee agrees that this Option is an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer prior to the Grant Date, and is outside the scope of Optionee’s employment contract, if any. This Option is not part of normal or expected compensation or salary for any purposes, including, but not limited to calculating any severance, resignation, termination, redundancy, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments insofar as permitted by law. In the event that Optionee is not an employee of the Company, this Option grant will not be interpreted to form an employment contract or relationship with the Company, the Employer or any Subsidiary or Affiliate of the Company. Optionee acknowledges that the future value of the underlying Shares is unknown, may increase or decrease in the future, and cannot be predicted with certainty. In consideration of the grant of this Option, no claim or entitlement to compensation or damages shall arise from termination of this Option or diminution in value of this Option or Shares purchased through exercise of this Option resulting from Optionee’s Termination of Employment by the Company or the Employer (for any reason whatsoever and whether or not in breach of Applicable Laws).
Optionee Acknowledgements. The following provision shall substitute Section 16(f) of the Agreement: “this Option, and any income derived therefrom, are not paid in lieu of, and are not intended to replace, any pension rights or compensation and are not part of normal or expected compensation or salary or earnings or remuneration for any purposes, including, but not limited to, calculating any termination, severance, resignation, redundancy, dismissal, end of service payments, bonuses, cash value of food, meal allowance, cost of living allowance, holiday pay, long-service awards, life or accident insurance benefits, pension or retirement or welfare benefits or similar payments;” The following provision shall substitute Section 16(j) of the Agreement: “the Option and the Optionee’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or services contract with the Company, the Employer, any Subsidiary or any Affiliated Company and shall not interfere with the ability of the Company, the Employer, any Subsidiary or any Affiliated Company, as applicable, to terminate the Optionee’s employment or service relationship (if any).” Exchange Control, Foreign Asset/Account and/or Tax Reporting. The following provision shall supplement Section 25 of the Agreement: “As per the statutory requirements under the Foreign Exchange Act, No. 12 of 2017, of Sri Lanka:
Optionee Acknowledgements. By accepting the grant of this Option, Optionee acknowledges and agrees that the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time unless otherwise provided in the Plan or this Agreement. Optionee acknowledges that all decisions with respect to future grants, if any, will be at the sole discretion of the
Optionee Acknowledgements. Optionee acknowledges that he or she ------------------------- has read and understands the terms of this Non-Qualified Stock Option Agreement and the Plan, and that:
(a) The issuance of shares of Common Stock pursuant to the exercise of the Option, and any resale of the shares of Common Stock, may only be effected in compliance with applicable state and federal laws and regulations, and that Optionee may be required to execute and deliver representations and warranties to that effect prior to the exercise of any portion of the Option;
(b) Optionee is not entitled to any rights as a shareholder with respect to any shares of Common Stock issuable hereunder until Optionee becomes a shareholder of record;
(c) The shares of Common Stock subject hereto may be adjusted in the event of certain changes in the capital structure of the Company or for any other reason required or permitted by the Plan;
(d) As a condition to the exercise of the Option, Optionee may be required to make such arrangements as the Plan Administrator requires for the satisfaction of any federal, state or local withholding tax obligations; and