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Often, an option will be granted to a specified person or his/her “nominee”. A nominee provision does not give rise to any assignment of the option. It only gives power to the nominee to exercise the option on behalf of the grantee.
Authored by Christopher Conolly, Partner, HWL Ebsworth Lawyers. Updated by the LexisNexis Legal Writer team.
If an option specifies that it may be exercised by the grantee or by a nominee, the nominee may exercise the option. Practically speaking, the nomination should occur before, or simultaneously with, the exercise of the option. The following is a simple form of notice of nomination:
See the nomination clause (cl 5) in the precedent Call option deed.
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