OPTION AGREEMENT
EXHIBIT 4.6
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BETWEEN: |
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NAME of |
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AND: |
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XxXXXXXX BAY INTERNATIONAL LTD, a company duly |
WHEREAS XxXxxxxx Bay is a publicly traded company on the USA OTC under the symbol "MKBY" and is involved in the development of a property located in the Chibougamau area of Northern Quebec Province, Canada (the "Lac Dore Vanadium Deposit"); and
WHEREAS LAST NAME is a business associate, and
WHEREAS XxXxxxxx Bay wishes to retain the services of LAST NAME in connection with various business activities; and
WHEREAS XxXxxxxx Bay wishes to xxxxx to LAST NAME the option (the "Option") to purchase common shares (the "Shares") in the share capital of XxXxxxxx Bay as partial remuneration for the services to be provided by LAST NAME
NOW THEREFORE, this Agreement witnesses that, in consideration of the sum of $1.00 paid by LAST NAME to XxXxxxxx Bay (the receipt of which is hereby acknowledged), the parties hereby covenant and agree as follows:
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1. |
XxXxxxxx Bay hereby grants LAST NAME (Amount) (0,000) options to purchase an aggregate of 0,000 common shares. |
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2. |
The Options shall be exercisable as follows: |
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a. |
All Options may be exercised at US$( ).00 at any time to a period not later than two-years from the date of this Agreement. |
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b. |
Each Option entitles LAST NAME to acquire one XxXxxxxx Bay common share |
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3. |
The Options shall be exercisable by LAST NAME giving notice in writing to XxXxxxxx Bay at its registered office, addressed to its President, which notice shall specify the number of Shares in respect of which the Options are being exercised and shall be accompanied by full payment, by cash or certified check, of the purchase price for the number of shares specified. Upon the exercise of the Option, XxXxxxxx Bay shall cause the transfer agent and registrar of XxXxxxxx Bay to deliver to LAST NAME a certificate in the name of LAST NAME representing the aggregate number of Shares that LAST NAME shall have then paid for. Common Shares issued pursuant to this Agreement shall be restricted for one year as per Section 144. |
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4. |
The parties shall do such further acts and execute such further documents and assurances as are reasonably necessary in order to effectively carry out the intent of this Agreement. |
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5. |
This Agreement shall not be assignable. |
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6. |
This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and successors. |
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EXECUTED this _th day MONTH, 200_.
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XxXxxxxx Bay International Ltd. |
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LAST NAME |
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Xxxx Xxxxxxxxxx |
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Last Name |
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