Cancellation of Stock Options. All outstanding options, warrants, "phantom" stock options and other plans, agreements or arrangements of the Corporation with respect to the purchase, or the issuance of, any capital stock or other securities of the Corporation shall have been canceled and terminated prior to the Closing at no expense to the Buyer, and the Buyer shall have received reasonably satisfactory evidence thereof.
Cancellation of Stock Options. Effective as of the date first set forth above, the Optionholder and the Company agree that the Stock Options are hereby cancelled and that the Optionholder has no further rights with respect thereto, including but not limited to, any options or rights thereunder to acquire any securities of the Company and the immediate termination of any corresponding stock option agreements.
Cancellation of Stock Options. Effective upon the execution of this Agreement, the Company hereby cancels the stock options presently held by the Employee in the amounts set forth on the Option Award Schedule. The Employee hereby agrees that the stock options are cancelled and are null and void.
Cancellation of Stock Options. The Executive acknowledges that he has been granted options to purchase 600,000 shares of the common stock of Commerce with an exercise price of $1.92 per share (the "Options"), all of which are currently subject to exercise. The parties hereto agree that the Options or other rights to purchase securities of Commerce shall be cancelled as of the Effective Date, provided that the Executive has not revoked certain provisions of this Agreement as provided in Section 14(c) below.
Cancellation of Stock Options. All outstanding options, warrants, "phantom" stock options and other plans, agreements or arrangements of the Companies with respect to the purchase, or the issuance of, any securities of the Companies shall have been canceled and terminated prior to the Closing at no expense to the Buyer, and the Buyer shall have received reasonably satisfactory evidence thereof.
Cancellation of Stock Options. You hereby acknowledge receipt of the Cancellation Notice from the Board of Directors of the Company whereby the Board of Directors communicated its intent to terminate all options in connection with the Grande Communications Transaction pursuant to Section 15(c)(iii) of the Grande Communications Holdings, Inc. 2000 Stock Incentive Plan. You further acknowledge and agree that it is your sole responsibility to exercise the vested portion of any options under the Plan that you hold by the Cancellation Date (as defined in the Cancellation Notice) and that any such vested options that are not so exercised will expire upon the Cancellation Date.
Cancellation of Stock Options. Prior to the Effective Time of Merger I, the Company shall take all actions necessary and appropriate to provide that, immediately prior to the Effective Time of Merger I, each unexpired and unexercised option or similar right to purchase Company Common Stock (each, a “Company Option”), under any stock option plan of the Company or any other plan, agreement or arrangement (the “Company Stock Option Plans”), whether or not then exercisable or vested, shall be cancelled and, in exchange therefor, each former holder of any such cancelled Company Option shall be entitled to receive (as promptly as practicable after the Effective Time of Merger I), in consideration of the cancellation of such Company Option and in settlement therefor:
(i) a payment in cash in an amount equal to the Initial Option Cash Payment, multiplied by the total number of shares of Company Common Stock previously subject to such Company Option;
(ii) a payment in shares of Parent Common Stock (valued at the Closing Average Stock Price) in an amount equal to the Initial Common Stock Stock Payment, multiplied by the total number of shares of Company Common Stock previously subject to such Company Option (the amounts set forth in clauses (i) and (ii) being referred to herein collectively as the “Initial Option Payment”); and
(iii) the right to receive the Subsequent Common Consideration in an amount calculated with respect to the total number of shares of Company Common Stock previously subject to such Company Option as if the former holder of any such cancelled Company Option had been a holder of Company Common Stock at the Effective Time of Merger I (the “Subsequent Option Payment,” together with the Initial Option Payment, the “Option Payment”). From and after the Effective Time of Merger I, any such cancelled Company Option shall no longer be exercisable by the former holder thereof, but shall only entitle such holder to the payment of the Option Payment. Prior to the Effective Time of Merger I, the Board of Directors of the Company shall have taken all steps necessary to cancel the Company Options and provide for automatic conversion of the Company Options into the right to receive the Option Payment.
Cancellation of Stock Options. At or immediately prior to the Effective Time, each Current Option, whether or not fully vested, shall be cancelled and in lieu thereof, the holder of each such Current Option will be entitled to receive from the Surviving Corporation an amount in cash equal to the product of (i) the excess, if any of the Per Common Share Amount over the exercise price per Share under such Current Option multiplied by (ii) the number of Shares subject to such Current Option, whether or not fully vested, immediately prior to the Effective Time, without interest (the “Option Consideration”), reduced by any income or employment taxes required to be withheld under the Code or any provision of state, local or foreign tax law. On or prior to the Closing Date, the Company (and its board of directors) shall obtain any consent of the holders of a Current Option required to cancel such Current Option in exchange for the right to receive the Option Consideration.
Cancellation of Stock Options. The stock options granted to Executive under the Prior Agreement are hereby cancelled.
Cancellation of Stock Options. In accordance with and subject to the provisions of this Agreement (including Section 1.3), at the Closing, all outstanding Stock Options held by each Seller, if any, will be cancelled and each Seller agrees to the foregoing cancellation.
