This is a put and/or call option agreement. An option agreement is often entered into to protect a minority shareholder who wishes to be assured of an exit from a joint venture. This document is drafted in favour of the Seller of the shares.
Seller and Buyer have agreed to enter into certain option arrangements on the terms of this agreement.
Seller hereby grants to Buyer an option to purchase (the Call Option), Seller's [ENTIRE] in Shares in the Company on the terms of this Agreement.
The Call Option may (subject to clause 8) be exercised by notice by Buyer given at any time during the Option Period.
The Call Option may be exercised in respect of all (but not some only) of the Option Shares.
An Option Notice, once served, shall not be revoked.