Суть Вы, наверное, уже поняли - право исполнения опциона наступает в случае нарушения одной из сторон своих обязательств (условий договора).

Можете использовать термин breach option.

См. примеры и ссылку ниже

COSAN FUNDAMENTAL BREACH OPTION
15.1 This Clause ‎15 applies if:
15.1.1 a Fundamental Breach has been committed by Shell (either as agreed between the Parties or as determined in accordance with Clause ‎14); and
15.1.2 Shell holds shares in any JV Entity.
15.2 Shell irrevocably grants to Cosan an option to buy, and to require Shell to sell, the Shell Interest, such option to be exercisable during the Cosan Fundamental Breach Option Exercise Period in accordance with this Clause ‎15.

Т.е. если Shell допускает существенное нарушение, она обязуется продать Cosan свою долю в их совместном СП.
По смыслу соответствует российскому значению штрафного опциона.
https://www.sec.gov/Archives/edgar/data/1402902/000095010311...

Вот другой пример с тем же значением

Breach Put Option: At any time following completion of the Transactions, in the event that any of the Joint Venture Parties breach a fundamental aspect of the Shareholders’ Agreement, any of the nonbreaching Joint Venture Parties shall be entitled to put their entire stake on the breaching Joint Venture Party;
http://www.jdplc.com/~/media/Files/J/Jd-Sports-Fashion-Plc/d...

Вот третий пример из закрытой базы

SECTION 11.01. Put/Call Option after Uncured Breach. If a Member breaches a material obligation under this Agreement and does not cure such breach within forty-five (45) days of written notice from the non-breaching Member, then the non-breaching Member may, in its sole discretion, exercise the following rights (in addition to any other rights and remedies under this Agreement, under applicable Law, or in equity that the non-breaching Member may have with regard to such breach):
(i) the non-breaching Member may elect to purchase all, but not less than all, of the Membership Units held by the breaching Member at a price corresponding to their Fair Market Value minus fifteen percent (15%) (“Breach Call Option”);

Но в целом, конечно, конструкция достаточно редкая, и требует описательного перевода, т.к. просто формулировка "breach option" в отрыве от любого контекста может иметь иное значение