Option Agreement Template for Nigeria

1. Parties: Identification of the option grantor and grantee, including full legal names and addresses

2. Background: Context of the agreement and brief description of the purpose of the option

3. Definitions: Defined terms used throughout the agreement, including 'Option', 'Exercise Period', 'Strike Price', etc.

4. Grant of Option: Clear statement of the option being granted, including type and scope

5. Option Period: Duration of the option, including start date and expiration date

6. Exercise Price: Specification of the price at which the option can be exercised

7. Exercise Procedure: Detailed process for exercising the option, including notice requirements

8. Representations and Warranties: Statements of fact and guarantees by both parties

9. Completion: Process and requirements for completing the transaction after option exercise

10. Transferability: Terms governing whether and how the option rights can be transferred

11. Termination: Circumstances under which the option agreement can be terminated

12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

13. Notices: Process and requirements for formal communications between parties

14. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability

1. Description of Option Asset: Detailed description of the asset subject to the option (shares, property, etc.)

2. Form of Exercise Notice: Template notice for exercising the option

3. Calculation of Exercise Price: Formula or methodology for determining the exercise price if variable

4. Required Consents: List of third-party or regulatory consents required for exercise

5. Encumbrances: List of any existing encumbrances on the option asset

6. Due Diligence Information: List of documents and information to be provided for due diligence

7. Completion Requirements: Detailed list of documents and actions required at completion