Call Option AgreementWord文件下载.docx
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Call Option AgreementWord文件下载.docx
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WHEREAS,PurchaserhasagreedwithSeller,asaconditiontohiscontinuingtoprovideservicestoShaanxiTianrenOrganicFoodCo.,Ltd.(“Tianren”),aPRCcompanythatisawhollyownedsubsidiaryofPacific,asitsChairmanandChiefExecutiveOfficer,toenterintothisAgreement;
and
WHEREAS,Selleristheholderof____________sharesoftheCompany’s$0.001parvaluepersharecommonstock(“CommonStock”)andtherefore,hasdeterminedthatitisinhisbestinterestto,andwillreceivebenefitsfrom,Purchaser’sperformanceasCEOandChairmanofTianrenandenteredintotheShareExchangeAgreementbasedonthepossibilityofsuchbenefits;
WHEREAS,SellerdesirestogranttoPurchaseranoptiontoacquire________sharesoftheCommonStockownedbyhim(“Seller’sShares”)pursuanttothetermsandconditionssetforthinthisAgreement.
NOW,THEREFORE,theParties,inconsiderationoftheforegoingpremisesandtheterms,covenantsandconditionssetforthbelow,andothergoodandvaluableconsideration,receiptofwhichisacknowledged,herebyagreeasfollows:
AGREEMENT
1.DEFINITIONS;
INTERPRETATION.
1.1.TermsDefinedinthisAgreement.ThefollowingtermswhenusedinthisAgreementshallhavethefollowingdefinitions:
“BankruptcyLaw”meansanyLawofanyjurisdictionrelatingtobankruptcy,insolvency,corporatereorganization,companyarrangement,civilrehabilitation,specialliquidation,moratorium,readjustmentofdebt,appointmentofaconservator,trusteeorreceiver,orsimilardebtorrelief.
“BusinessDay”meansanydayonwhichcommercialbanksarerequiredtobeopenin___________.
“CallPrice”means,withrespecttoanyexerciseoftheCallRight,$0.001pershareoftheSeller’sSharessubjecttoanyCallExerciseNotice.
“Conditions”meansConditions1through4,asdefinedbelow,intheaggregate.
“Condition1”meanstheentrybyPurchaserandTianrenintoabindingemploymentagreementforatermofnotlessthanfiveyearsforPurchasertoserveasTianren’sChiefExecutiveOfficerandChairmanofitsBoardofDirectors.
“Condition2”meanstheUnitedStatesSecuritiesandExchangeCommissiondeclaringaregistrationstatementfiledbytheCompanyundertheSecuritiesActof1933effective,or,investorswhopurchasedCommonStockfromtheCompanypursuanttotheSecuritiesPurchaseAgreementdatedasofJanuary__,2008beingabletoselltheirCommonStockunderRule144,astheneffectiveundertheU.S.SecuritiesActof1933,asamended.
“Condition3”meansTianrenachievingnotlessthan$2,000,000inpre-taxprofits,asdeterminedunderUnitedStatesGenerallyAcceptedAccountingPrinciplesconsistentlyapplied(“USGAAP”)forthesixmonthsendedJune30,2008.
“Condition4”meansTianrenachievingnotlessthan$5,000,000inpretaxprofits,asdeterminedunderUSGAAPforthefiscalyearendingDecember31,2008.
“GovernmentAuthority”meansany:
(a)nation,principality,state,commonwealth,province,territory,county,municipality,districtorotherjurisdictionofanynature;
(b)federal,state,local,municipal,foreignorothergovernment;
(c)
governmentalorquasigovernmentalauthorityofanynature(includinganygovernmentaldivision,subdivision,department,agency,bureau,branch,office,commission,council,board,instrumentality,officer,official,representative,organization,unit,bodyorPersonandanycourtorothertribunal);
or(d)individual,Personorbodyexercising,orentitledtoexercise,anyexecutive,legislative,judicial,administrative,regulatory,police,militaryortaxingauthorityorpowerofanynature.
“Law”meansanyfederal,state,local,municipal,foreignorotherlaw,statute,legislation,constitution,principleofcommonlaw,resolution,ordinance,code,order,edict,decree,proclamation,treaty,convention,rule,regulation,permit,ruling,directive,pronouncement,requirement(licensingorotherwise),specification,determination,decision,opinionorinterpretationthatis,hasbeenormayinthefuturebeissued,enacted,adopted,passed,approved,promulgated,made,implementedorotherwiseputintoeffectbyorundertheauthorityofanyGovernmentAuthority.
“Person”meansanyindividual,firm,company,corporation,limitedliabilitycompany,unincorporatedassociation,partnership,trust,jointventure,governmentalauthorityorotherentity,andshallincludeanysuccessor(bymergerorotherwise)ofsuchentity.
1.2.Interpretation.
(a)CertainTerms.Thewords“hereof,”“herein,”“hereunder”andsimilarwordsrefertothisAgreementasawholeandnottoanyparticularprovisionofthisAgreement.Theterm“including”isnotlimitedandmeans“includingwithoutlimitation.”
(b)Section
References;
TitlesandSubtitles.Unlessotherwisenoted,allreferencestoSectionshereinaretoSectionsofthisAgreement.Thetitles,captionsandheadingsofthisAgreementareinsertedforconvenienceofreferenceonlyandarenotintendedtobeapartofortoaffectthemeaningorinterpretationofthisAgreement.
(c)ReferencetoEntities,Agreements,Statutes.Unlessotherwiseexpresslyprovidedherein,(i)
referencestoaPersonincludeitssuccessorsandpermittedassigns,(ii)
referencestoagreements(includingthisAgreement)andothercontractualinstrumentsshallbedeemedtoincludeallsubsequentamendments,restatementsandothermodificationstheretoorsupplementsthereofand(iii)
referencestoanystatuteorregulationaretobeconstruedasincludingallstatutoryandregulatoryprovisionsconsolidating,amending,replacing,supplementingorinterpretingsuchstatuteorregulation.
2.CALLRIGHT.
2.1.CallRight.Purchasershallhave,duringtheExercisePeriod(asdefinedbelow),andwhenaConditionismet,therightandoptiontopurchasefromtheSeller,andupontheexerciseofsuchrightandoptiontheSellershallhavetheobligationtoselltoPurchaser,aportionoftheSeller’sSharesidentifiedintheCallExerciseNotice(the“CallRight”).Purchasershallbepermittedtopurchase,andSellershallbeobligatedtosell,thefollowingnumbersofSeller’sSharesupontheattainmentofthefollowingConditions:
ConditionNumberofSeller’sSharesastowhichthereisaCallRight
Condition1___________
Condition2_____________
Condition3______________
Condition4_______________
2.2.CallPeriod.TheCallRightshallbeexercisablebyPurchaser,bydeliveringaCallExerciseNoticeatanytimeduringtheperiod(the“ExercisePeriod”)commencingonthedatehereofandendingat6:
30p.m.(NewYorktime)onthefifthanniversarydatehereof(suchdateortheearlierexpirationoftheCallRightisreferredtohereinasthe“ExpirationDate”).
2.3.ExerciseProcess.InordertoexercisetheCallRightduringtheExercisePeriod,PurchasershalldelivertotheapplicableSeller,awrittennoticeofsuchexercisesubstantiallyintheformattachedheretoasAppendix
A(a“CallExerciseNotice”)tosuchaddressorfacsimilenumbersetforththerein.TheCallExerciseNoticeshallindicatethenumberofSeller’sSharesastowhichPurchaseristhenexercisingitsCallRightandtheaggregateCallPrice.ProvidedtheCallExerciseNoticeisdeliveredinaccordancewithSection6.4tosuchSelleronorpriorto6:
30p.m.(NewYorktime)onaBusinessDay,thedateofexercise(the“ExerciseDate”)oftheCallRightshallbethedateofsuchdeliveryofsuchCallExerciseNotice.IntheeventtheCallExerciseNoticeisdeliveredafter6:
30p.m.(NewYorktime)onanydayoronadatewhichisnotaBusinessDay,theExerciseDateshallbedeemedtobethefirstBusinessDayafterthedateofsuchdeliveryofsuchCallExerciseNotice.ThedeliveryofaCallExerciseNoticeinaccordanceherewithshallconstituteabindingobligation(a)onthepartofPurchasertopurchase,and(b)onthepartofsuchSellertosell,theSeller’sSharessubjecttosuchCallExerciseNoticeinaccordancewiththetermsofthisAgreement.
2.4.CallPrice.IftheCallRightisexercisedpursuanttothisSection2,aspaymentfortheSeller’sSharesbeingpurchasedbyPurchaserpursuanttotheCallRight,PurchasershallpaytheaggregateCallPricetotheSeller(butnolaterthanfifteen(15)BusinessDaysoftheExerciseDate).
2.5CashlessExercise.InlieuofdeliveryoftheCallPrice,Purchasershallhavetheright,atitsoption,fromtimetotimeortimesduringtheExercisePeriod,PurchasermaysatisfyitsobligationtopaytheCallPricethrougha“cashlessexercise,”inwhichPurchasershallbeentitledtopurchasetheSeller’sSharesasdeterminedasfollows:
X=Y[(A-B)/A]
where:
X=thenumberofSeller’sSharestobesoldtoPurchaser.
Y=thenumberofSeller’sShareswithrespecttowhichtheCallRightisbeingexercised.
A=thearithmeticaverageoftheClosingPricesforthefiveTradingDaysimmediatelypriorto(butnotincluding)theExerciseDate.
B=theCallPrice.
2.5.DeliveryoftheShares.UponthereceiptofaCallExercise
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