Common use of Cancellation of Stock Options Clause in Contracts

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 as upon the execution of this Agreement, the date first Company hereby cancels the stock options presently held by the Employee in the amounts set forth above, on the Optionholder and the Company agree Option Award Schedule. The Employee hereby agrees that the Stock Options 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 are null and the immediate termination of any corresponding stock option agreementsvoid.