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Letter before Action - Stock Option Agreement

Failure to Issue Shares

A letter before action relating to the Company's failure to issue shares upon the exercise of share options under a share options agreement..

1. I am making a claim against the Company for breach of the Option Agreement (defined below).

2. By a share option agreement dated [DATE] (“Option Agreement”) made between the Company and myself, which specifically retains all stock option rights granted to me.

3. In consideration for my services provided to the Company, the Company has agreed to issue shares to me upon my exercise of share option rights granted to us by the Company.

4. Under the Option Agreement, during the period from [PERIOD] to [PERIOD], the Company has granted share options to myself to acquire [AMOUNT] shares in the Company.

5. Despite my repeated requests / notices to exercise of the share option rights under the Option Agreement, the Company has unreasonably refused to do so.

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