Common use of Cancellation of Option Clause in Contracts

Cancellation of Option. The Corporation shall have the right to terminate the right of the Optionee to exercise the Option, effective thirty (30) days after receipt by the Optionee of a written notice from the Corporation informing the Optionee that this Option is to be cancelled (the "Cancellation Notice"). The Corporation may issue a Cancellation Notice only in connection with (i) the sale of substantially all of the Corporation's assets, or (ii) a merger, consolidation or other corporate transaction in which the Corporation would not be the surviving entity. Following receipt of a Cancellation Notice and during the period prior to the effective date of the termination, the Optionee shall have the right to exercise the Option (to the extent not previously exercised) with respect to all Shares, if any, which were immediately exercisable by the Optionee hereunder during the period following receipt of a Cancellation Notice until the effective date of the termination.

Cancellation of Option. The Corporation Company shall have the right to terminate the right of the Optionee to exercise the Option, effective thirty (30) days after receipt by the Optionee of a written notice from the Corporation Company informing the Optionee that this Option is to be cancelled (the "Cancellation Notice"). The Corporation Company may issue a Cancellation Notice only in connection with (i) the sale of substantially all of the CorporationCompany's assets, or (ii) a merger, consolidation or other corporate transaction in which the Corporation Company would not be the surviving entity. Following receipt of a Cancellation Notice and during the period prior to the effective date of the termination, the Optionee shall have the right to exercise the Option (to the extent not previously exercised) with respect to all Shares, if any, which were immediately exercisable by the Optionee hereunder during the period following receipt of a Cancellation Notice until the effective date of the termination.