Terms of the Option. In order to maintain the Option in good standing and earn a 100% right, title and undivided interest in and to the Property, the Optionee, subject to paragraph 1, shall:
(a) pay to the Optionor a further $12,000 within 10 days of regulatory approval;
(b) pay to the Optionor a further $25,000 on or before the date which is 12 months from the date of signing this Agreement;
(c) pay to the Optionor a further $25,000 on or before the date which is 24 months from the date of signing this Agreement;
(d) pay to the Optionor a further $30,000 on or before the date which is 36 months from the date of signing this Agreement;
(e) pay to the Optionor a further $50,000 on or before the date which is 48 months from the date of signing this Agreement;
(f) issue to the Optionor 50,000 common shares of the Optionee within 10 days of regulatory approval;
(g) issue to the Optionor a further 50,000 common shares of the Optionee on or before the date which is 12 months from the date of regulatory approval;
(h) issue to the Optionor a further 50,000 common shares of the Optionee on or before the date which is 24 months from the date of regulatory approval;
(i) issue to the Optionor a further 50,000 common shares of the Optionee on or before the date which is 36 months from the date of regulatory approval;
(j) issue to the Optionor a further 100,000 common shares of the Optionee on or before the date which is 48 months from the date of regulatory approval;
(k) incur $20,000 in exploration expenses on the Property on or before the date which is 12 months from the date of regulatory approval;
(l) incur at least an aggregate of $60,000 in exploration expenses on the Property on or before the date which is 24 months from the date of regulatory approval;
(m) incur at least an aggregate of $100,000 in exploration expenses on the Property on or before the date which is 36 months from the date of regulatory approval; and
(n) incur at least an aggregate of $160,000 in exploration expenses on the Property on or before the date which is 48 months from the date of regulatory approval.
Terms of the Option. Name of the Optionee: [__________] Date of Grant: [__________] Designation: Nonstatutory Stock Options
Terms of the Option. The Option is subject to all applicable provisions of the Plan and to the following terms and conditions:
Terms of the Option. The OPTION shall be subject to the following terms and conditions:
Terms of the Option. Unless otherwise required by law, any stock options granted to Executive in the future, shall have a term of ten years from the date of grant and shall become exercisable in increments of 1/3 on each of the first three anniversaries of the date of their grant. If Executive's employment with the Company terminates due to his death or a Termination due to Disability or for Good Reason (as defined below) or if there shall occur a Change in Control (as defined below) during the Employment Period, any options shall vest and become exercisable under the terms of the option plan. Except as otherwise provided in this Section 4, Executive's rights and obligations in respect of options shall be determined pursuant to the terms of an option agreement to be executed by Executive and the Company.
Terms of the Option. The OPTION shall be subject to the following terms and conditions:
2.1 The OPTION to purchase an undivided Fifty Percent (50%) Percent of the Mineral Rights from the surface down to and including the Xxxxxx Formation pertaining to the property location described on Exhibit “A” attached to this Option Agreement.
a. During the term of this AGREEMENT, to exercise the OPTION, the OPTIONEE agrees to deliver by August 31, 2010, a total of Four Hundred Thousand ($400,000) dollars in the form of a cashier’s check, as a down payment to apply to the purchase of the Mineral Rights. This AGREEMENT must be exercised by the OPTIONEE, by the delivery of a cashier’s check or certified funds wired to the bank account of the Escrow Agent, pursuant to a written Notice of Intent to Exercise the Option, attached hereto as Exhibit "B". All funds paid to the OPTIONORS by the OPTIONEE will be credited toward the exercise of the Option and the purchase price.
b. In the event the OPTION is exercised by the OPTIONEE, the OPTIONEE is entitled to purchase the Mineral Rights on an all or none basis for; (i) $400,000 as a cash down payment; (ii) quarterly installment payments consisting of a principle payment in the amount of Thirty Thousand ($30,000) Dollars for Eight (8) consecutive years or thirty two (32) quarters beginning ninety (90) days after the exercise of the Option Agreement and interest combined with the principle on a quarterly installment payments will be calculated on the unpaid principle balance at a rate equal to five (5%) percent per annum or pursuant to the accelerated payment provision; and (iii) a balloon payment in the amount of Two Hundred Eighty Nine Thousand ($289,000) due at the end of the Thirty Two (32) quarterly payments, or whichever occurs first between (ii) and (iii).
c. OPTIONORS and OPTIONEE agree that in the event commercial xxxxx are successfully drilled by Oasis Petroleum or their assigns on the property covering said mineral rights and the royalty revenue from the undivided 50% of the Mineral Rights acquired pursuant to this Option exceeds the $30,000 quarterly payments, the quarterly payments will be accelerated to Thirty Five (35%) of the revenue attributed to the undivided Fifty Percent (50%) of the mineral rights ownership. The amount of revenue generated by the Thirty Five (35%) will be paid by the OPTIONEE to the OPTIONORS, which amount will apply to the principal and any interest due OPTIONORS from OPTIONEE.
d. OPTIONEE shall provide a Notic...
Terms of the Option. In order to maintain the Option in good standing and earn a 100% right, title and undivided interest in and to the Property, the Optionee, subject to paragraph 2, shall:
(a) pay to the Optionor $15,000 upon receipt of regulatory approval (paid);
(b) pay to the Optionor a further $15,000 on or before May 11, 2006 (paid);
(c) pay to the Optionor a further $20,000 on or before May 11, 2007 (paid);
(d) pay to the Optionor a further $50,000 on or before May 11, 2008 (paid);
(e) pay to the Optionor a further $25,000 on or before May 11, 2009;
(f) pay to the Optionor a further $25,000 on or before May 11, 2010;
(g) issue to the Optionor 50,000 common shares of the Optionee upon receipt of regulatory approval (issued);
(h) issue to the Optionor a further 50,000 common shares of the Optionee on or before May 11, 2006 (issued); and
(i) issue to the Optionor a further 50,000 common shares of the Optionee on or before May 11, 2007 (issued); and
(j) issue to the Optionor a further 50,000 common shares of the Optionee on or before May 11, 2008 (issued). Exploration expenditure requirements will include only those expenditures that are required annually by the Ministry of Northern Development & Mines to keep the property claims identified in Schedule A to the Silverclaim Lake Agreement in good standing.
Terms of the Option. The Option shall survive the maturity and repayment of the Debenture. The Option shall entitle ABT to subscribe for what, at the time the Option is exercised (or, in the case of multiple exercises, the last exercise), and giving effect to the issuance of shares upon exercise of the Option, will be [*] of the outstanding voting shares of ABT/Nordic on the following terms:
(a) ABT may exercise the Option at any time during the term of the License Agreement, in one or more installments, as to all or any portion of the shares that are subject to the Option when it is exercised, provided that no such installment shall be less than the lesser of (i) [*] of the outstanding voting shares of ABT/Nordic, or (ii) the entire remaining amount of ABT/Nordic shares which ABT may purchase through exercise of the Option. [*] Confidential Treatment Requested
(b) The Option shall be exercised by written notice given to ABT/Nordic during the term of the License Agreement. Such notice shall specify the number of shares for which the Option is being exercised and a date and a time during normal business hours in Goteborg, Sweden (the "Subscription Time") for the consummation of ABT's purchase of ABT/Nordic shares through exercise of the Option. The specified Subscription Time shall not be later than 3:00 P.M. Goteborg time on the 30th day after the day on which the notice of exercise of the Option is given.
(c) The class, series and type of shares issuable upon each exercise of the Option shall be (i) if the Option is exercised at a time when shares of ABT/Nordic are not quoted on a securities exchange or in another organized securities market, the class, series and type of voting shares then most recently issued to either (at ABT's option) Bilia or one or more Third Party Investors (as defined below) as part of the investment by such persons in ABT/Nordic, in one or more related transactions, of at least [*] in the aggregate (the "Then Most Recent Financing"), or (ii) if the Option is exercised at a time when shares of ABT/Nordic are quoted on a securities exchange or in another organized securities market, the class, series and type of shares so quoted.
(d) The exercise price to be paid for the shares issuable upon each exercise of the Option shall be (i) if the Option is exercised at a time when securities of ABT/Nordic are not quoted on a securities exchange or in another organized securities market, the price at which shares of such class, series and type were issued in th...
Terms of the Option. Name of the Optionee: Xxxxx Xxxx-Xxxxxxx Date of Grant: March 31, 2011 Vesting Commencement Date: Closing of Company's Initial Public Offering __________ Designation: R Approved 102 Option: Capital Gain Option (CGO) x ;or ¨ Unapproved 102 Option ¨ 3(i) Option Number of Options granted: 207,000
Terms of the Option. In order to maintain the Option in good standing and earn a 100% right, title and undivided interest in and to the Property, the Optionee, subject to paragraph 1, shall:
(a) pay to the Optionor $5,000 upon regulatory approval;
(b) pay to the Optionor a further $5,000 on or before the date which is 12 months from the date of regulatory approval;
(c) pay to the Optionor a further $10,000 on or before the date which is 24 months from the date of regulatory approval;
(d) pay to the Optionor a further $15,000 on or before the date which is 36 months from the date of regulatory approval;
(e) issue to the Optionor 50,000 common shares of the Optionee on or before the fifth bueinsss day following regulatory approval, regulatory approval must be sought within five (5) business days of signing this Agreement;
(f) issue to the Optionor a further 50,000 common shares of the Optionee on the date which is 12 months from the date of regulatory approval;
(g) issue to the Optionor a further 150,000 common shares of the Optionee on the date which is 24 months from the date of regulatory approval;
(h) issue to the Optionor a further 100,000 common shares of the Optionee on the date which is 36 months from the date of regulatory approval;
(i) incur $20,000 in exploration expenses on the Property on or before the date which is 12 months from the date of regulatory approval;
(j) incur at least an aggregate of $40,000 in exploration expenses on the Property on or before the date which is 24 months from the date of regulatory approval;
(k) incur at least an aggregate of $60,000 in exploration expenses on the Property on or before the date which is 36 months from the date of regulatory approval; and
(l) grant the Optionor the first right of refusal for all exploration work that the Optionor is competent to perform, provided said work is conducted at a price consistent with the going industry standard for such work in the area surrounding the property.