Term; Exercise of Option Sample Clauses

Term; Exercise of Option. The Residence Option may be exercised by Executive’s delivery of written notice to the Company pursuant to the notice provisions of this Agreement at any time during the Residence Option Term. The Residence Option Term shall begin on the Effective Date and end at 5:00 p.m. U.S. Central Time 18 months following the termination of employment. The Residence Option shall expire immediately, automatically and without notice, and shall be of no further force or effect, if (A) Executive’s employment is terminated by the Company for Cause, (B) the Residence ceases to be used by Executive as a personal residence or (C) Executive does not exercise the Residence Option during the Residence Option Term.
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Term; Exercise of Option. Optionee, and its successors and assigns, shall have the right to exercise the Option by delivering written notice thereof (the "Exercise Notice") to Optionor at any time on or after the first anniversary of the date on which the Facility reaches Stabilized Occupancy (as defined in Section 1.6). In no event shall the Option be exercised after the later of (i) the date which is thirty-six (36) months after the date hereof, or (ii) if the Facility reaches Stabilized Occupancy between the twenty-fourth (24th) month and thirty-sixth (36th) month after the date hereof, the first anniversary of the date on which the Facility reaches Stabilized Occupancy (the "Expiration Date"). Optionor shall deliver written notice to Optionee within thirty (30) days after Optionor's determination that the Facility has reached Stabilized Occupancy. In the event that Optionee makes an earlier determination that the Facility has reached Stabilized Occupancy from review of the occupancy reports received pursuant to Section 4.10 hereinbelow, Optionee shall deliver written notice of the same to Optionor. In the event that any controversy shall arise between the parties hereto regarding the determination whether the Facility has reached Stabilized Occupancy, which controversy the parties are unable to settle by agreement, such controversy shall be determined by arbitration to be initiated and conducted as provided in Exhibit C hereto. It is hereby acknowledged and agreed that the Option hereby granted constitutes a present and absolute grant of option as of the date hereof notwithstanding the fact that it will not be exercised prior to the date set forth above. The Exercise Notice shall specify the date (the "Closing Date") on which settlement hereunder shall occur (the "Closing"); provided, however, that the Closing Date shall be at least ninety (90) days after the date of the Exercise Notice. The Closing shall be held at the offices of Xxxxx & Xxxxxxx, L.L.P., 0000 Xxxxxxxxxx Xxxxx, Xxxxx 0000, XxXxxx, Virginia 22012, or at such other location as the parties may mutually agree upon. Upon Optionee's exercise of the Option as above provided, this Agreement will automatically become an agreement by Optionor to sell and convey the Property to Optionee and an agreement by Optionee (or its successor or assign) to purchase the Property from Optionor, in each case upon the terms and conditions set forth herein.
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Term; Exercise of Option. Optionee shall have the right to exercise the Option at any time on or after the date of this Agreement for a period of five (5) years from the date hereof (the “Option Period”). It is hereby acknowledged and agreed that the Option hereby granted constitutes a present and absolute grant of the Option as of the date hereof. Optionee shall exercise the Option by delivering written notice thereof (the “Exercise Notice”) to Optionor, which notice shall specify (a) Optionee’s initial determination of the Purchase Price (as defined below), and (b) the date (the “Closing Date”) on which settlement hereunder shall occur (the “Closing”); provided, however, that the Closing Date shall be no fewer than thirty (30) days after the date of the Exercise Notice and no later than sixty (60) days after the Option Period or, if later, 60 days after the Revocation Period (hereinafter defined). The Closing shall be held at the offices of the Sxxxx & Sxxxx Law Firm, 4000 Xxxxxxx Xxxxxx Road, Memphis, Tennessee, 38117, or at such other location as the parties may mutually agree upon. Upon Optionee’s exercise of the Option as above provided, this Agreement will automatically become an agreement by Optionor to sell and convey the Property to Optionee and an agreement by Optionee to purchase the Property from Optionor, in each case upon the terms and conditions set forth herein.
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Term; Exercise of Option. (a) The term of this Option Agreement (“Option Term”) shall commence on the Effective Date and shall expire on the one year anniversary of the Effective Date. Optionee has the right, in its sole and absolute discretion to terminate the Option and/or this Option Agreement at any time for any reason. If the Option is not terminated by Optionee as provided in this Agreement, Optionee will have the right, upon 10 days written notice to Owner and the payment of an additional non-refundable sum of $100.00, to extend the Option Term for an additional period of one year.
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Term; Exercise of Option. The Option may be exercised by the Executive’s delivery of written notice to the Company pursuant to the notice provisions of this Agreement at any time during the Option Term. The Option Term shall begin on the date that notice of termination of employment is delivered by either party and end at 5:00 p.m. U.S. Central Time on the later of the date that is (A) two (2) months prior to the termination date set forth in the notice of termination or (B) two (2) months following the date of notice of termination; provided however, that in no event will the Option Term end later than the March 15 of the year following the calendar year in which employment terminates. If the Executive does not exercise the Option during the Option Term, the Option shall expire automatically and be of no further force or effect.
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Term; Exercise of Option. Pursuant to the provisions of section 1.2 of the Contract, the Owner is entitled, within 6 months prior to expiration of the initial term of the contract, to exercise an option to extend the term of the Contract for two years upon written notice. Section 1.2 of the Contract is hereby amended to delete section 1.2 and replace such section with the following:
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Related to Term; Exercise of Option

  • Exercise of Option The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Units within 45 days after the effective date (“Effective Date”) of the Registration Statement (as defined in Section 2.1.1 hereof). The Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed in accordance with Section 10.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Representative, at the offices of EG&S or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.

  • Term and Exercise of Option (a) The term of this Option shall commence on the Grant Date set forth above and shall continue until the Expiration Date set forth above, unless earlier terminated as provided herein.

  • Method of Exercise of Option (a) Subject to the terms and conditions of this Agreement, the Option shall be exercisable by notice in the manner set forth in Exhibit A hereto (the "NOTICE") and provision for payment to the Corporation in accordance with the procedure prescribed herein. Each such Notice shall:

  • Time of Exercise of Option This Option shall be first exercisable as to 25% of the Shares on each of the first four anniversary dates of this Agreement. To the extent the Option is not exercised by the Optionee when it becomes exercisable, it shall not expire, but shall be carried forward and shall be exercisable, on a cumulative basis, until the Expiration Date, as hereinafter defined.

  • Grant and Exercise of Option The Xxxxxx Parties hereby grant to Dow an irrevocable option (the “Option”) to purchase, on the terms and subject to the conditions set forth herein, the Interests at a cash purchase price equal to the Fair Market Enterprise Value (the “Purchase Price”). The Option may be exercised by Dow upon written notice (the “Option Exercise Notice”) to the Xxxxxx Parties at any time after the first anniversary of the Closing Date and prior to the Termination Date. The Option shall terminate and be of no further force and effect upon the earlier to occur of (i) the fifth anniversary of the Closing Date, and (ii) the date of the closing of the first underwritten public offering of the equity interests of the Xxxxxx Group (or its successor) (an “IPO”) pursuant to a registration statement filed pursuant to the Securities Act of 1933, as amended (such date being referred to herein as the “Termination Date”); provided, that Dow will not have the right to exercise the Option after the forty-fifth (45th) day following the date on which the Xxxxxx Parties provide written notice (“Xxxxxx Notice”) to Dow that it has filed such a registration statement for an IPO with the Securities Exchange Commission (it being understood that Dow will have the right to exercise the Option if the Xxxxxx Parties do not consummate an IPO within 180 days of the delivery of such Xxxxxx Notice). Notwithstanding the foregoing sentence, (i) Dow shall be entitled to purchase the Interests in the event that it has exercised the Option in accordance with the terms hereof prior to the Termination Date and (ii) Xxxxxx Parties’ obligation to sell the Interests shall be subject to the restrictive covenants contained in its debt EXECUTION COPY financing agreements as in effect from time to time; provided that such covenants do not adversely materially discriminate against such Interests compared to the assets of the Xxxxxx Parties taken as a whole.

  • Method of Exercise of Options Optionee shall notify the Company by written notice sent by certified mail, return receipt requested, addressed to the Company's principal office, or by hand delivery to such office, as to the number of Shares which Optionee desires to purchase under the options, which written notice shall be accompanied by Optionee's check payable to the order of the Company for the full option price of such Shares. As soon as practicable after the receipt of such written notice, the Company shall, at its principal office, tender to Optionee a certificate or certificates issued in Optionee's name evidencing the Shares purchased by Optionee hereunder.

  • Notice of Exercise of Option This Option may be exercised by the ---------------------------- Optionee, or by the Optionee's administrators, executors or personal representatives, by a written notice (in substantially the form of the Notice of Exercise attached hereto as Schedule B) signed by the Optionee, or by such administrators, executors or personal representatives, and delivered or mailed to the Company as specified in Section 14 hereof to the attention of the President or such other officer as the Company may designate. Any such notice shall (a) specify the number of shares of Stock which the Optionee or the Optionee's administrators, executors or personal representatives, as the case may be, then elects to purchase hereunder, (b) contain such information as may be reasonably required pursuant to Section 12 hereof, and (c) be accompanied by (i) a certified or cashier's check payable to the Company in payment of the total Exercise Price applicable to such shares as provided herein, (ii) shares of Stock owned by the Optionee and duly endorsed or accompanied by stock transfer powers having a Fair Market Value equal to the total Exercise Price applicable to such shares purchased hereunder, or (iii) a certified or cashier's check accompanied by the number of shares of Stock whose Fair Market Value when added to the amount of the check equals the total Exercise Price applicable to such shares purchased hereunder. Upon receipt of any such notice and accompanying payment, and subject to the terms hereof, the Company agrees to issue to the Optionee or the Optionee's administrators, executors or personal representatives, as the case may be, stock certificates for the number of shares specified in such notice registered in the name of the person exercising this Option.

  • Taxation upon Exercise of Option Optionee understands that, upon exercise of this Option, Optionee will recognize income, for Federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Shares, determined as of the date of exercise, exceeds the Exercise Price. The acceptance of the Shares by Optionee shall constitute an agreement by Optionee to report such income in accordance with then applicable law and to cooperate with Company in establishing the amount of such income and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes will be made, if and as required by law, from Optionee’s then current compensation, or, if such current compensation is insufficient to satisfy withholding tax liability, the Company may require Optionee to make a cash payment to cover such liability as a condition of the exercise of this Option.

  • Manner of Exercise of Option (a) To the extent that the right to exercise the Option has accrued and is in effect, the Option may be exercised in full or in part by giving written notice to the Company stating the number of Shares as to which the Option is being exercised and accompanied by payment in full for such Shares. No partial exercise may be made for less than one hundred (100) full Shares of Common Stock. Payment shall be made in accordance with the terms of the Plan. Upon such exercise, delivery of a certificate for paid-up, non- assessable Shares shall be made at the principal office of the Company to the person exercising the Option, not less than thirty (30) and not more than ninety (90) days from the date of receipt of the notice by the Company.

  • Vesting and Exercise of Option The Option shall vest and become exercisable during its term in accordance with the following provisions:

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