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 Buyer of Shares.
Seller and Buyer have agreed to enter into certain option arrangements on the terms of this agreement.
Buyer hereby grants to Seller an option to require Buyer to purchase (the Put Option), Seller's [ENTIRE] in Shares in the Company on the terms of this Agreement.
Seller shall pay to the Buyer [AMOUNT].
The Put Option may (subject to clause 8) be exercised by notice by Seller given at any time during the Option Period.
The Put 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.