This option is granted to the Optionee
worldwide, for a period of twelve months, in exchange for an upfront fee.
Unlike financial market options, options in real estate are ordinarily restricted to the optionee
and cannot be separately sold.
), a private company controlled by Ms.
will vest in and be entitled to exercise the option and the option will become exercisable as to one-quarter of the optioned shares, on a cumulative basis, on March 31 of each of 2011, 2012, 2013 and 2014;
Intellect is entitled to a license fee upon the exercise of the Antibody Option by the Optionee
Even if an optionee
exercises an option and sells the underlying shares within six months of the grant date, an exemption from liability under Sec-tion 16(b) may be available under other SEC rules.
According to Joseph Field, a senior partner at Withers Bergman in New York, "in the view of my firm, nonqualified compensation arrangements now subject to Section 409A rules include salary and bonus deferral plans, supplemental executive retirement plans, stock options giving the optionee
the right to purchase stock at a price below fair market value at the date of the grant, most stock appreciation right plans and restricted stock unit plans.
The exercise price (strike price) must meet or exceed the fair market value (or 110 percent of the fair market value, if the optionee
is a 10 percent shareholder) of the underlying stock at grant.
incurred expenditures of approximately $600,000 on the property, which resulted in the discovery of near surface mineralization in hole 7 that intersected a weighted average of 1.
Well abandonment liabilities are approximately US$200,000; however, these wells are expected to be transferred along the well bonding responsibility to the Optionee
, or alternatively, to the underlying geothermal rights owner(s) in the first quarter of 2015.
This provision gives an optionee
the ability to cancel a wager with the IRS and avoid the AMT liability that would otherwise attach on December 31.
The stock option contract grants the optionee
the right to purchase 20,692 Ordinary Shares, 1% of the Company's issued and shares, at an exercise price of $3.