Common use of Stock Option and Exercise Clause in Contracts

Stock Option and Exercise. 1.1 Stock Option Grant Party B hereby irrevocably grants Party A an irrevocable exclusive right to purchase in person or designate one person or several persons (hereinafter referred to as the “Designee(s)”) to purchase the whole or the portion of the equity in Party C held by Party B at any time following the steps determined at the Party A’s discretion and at the price prescribed in Article 1.3 of this Agreement to the extent permitted by the laws of the People’s Republic of China (hereinafter referred to as “PRC”) (the “Stock Option”). Except for Party A and the Designee(s), any third party shall not be entitled to the Stock Option. Party C hereby agrees that Party B shall grant Party A the Stock Option. The term “person” as referred to in this paragraph and this Agreement means individual, company, joint venture, partnership, enterprise, trusts or non-incorporate organizations.