Common use of Cancellation of Option Clause in Contracts

Cancellation of Option. Subject to the consent of the Optionee, Xxxxxxx may, from time to time, cancel all or any portion of the Option then subject to exercise, and Xxxxxxx'x obligation in respect of such Option may be discharged by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the aggregate fair market value of the Shares at the date of such cancellation subject to the portion of the Option so cancelled over the aggregate Purchase Price of such shares, (ii) the issuance or transfer to the Optionee of shares of stock with a fair market value, at the date of such transfer, equal to any such excess, or (iii) a combination of cash and shares with a combined value equal to any such excess.

Cancellation of Option. Subject to the consent of the Optionee, Xxxxxxx the Company may, from time to time, cancel all or any portion of the Option then subject to exercise, and Xxxxxxx'x the Company's obligation in respect of such Option may be discharged by (i) payment to the Optionee of an amount in cash equal to the excess, if any, of the aggregate fair market value of the Shares at the date of such cancellation subject to the portion of the Option so cancelled over the aggregate Purchase Price of such shares, (ii) the issuance or transfer to the Optionee of shares of stock with a fair market value, at the date of such transfer, equal to any such excess, or (iii) a combination of cash and shares with a combined value equal to any such excess.