Common use of Cancellation of Stock Options Clause in Contracts

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. Effective upon the execution of this AgreementRepurchase Date, the Company hereby cancels the stock options presently held by the Employee in the amounts set forth on the Option Award Repurchase Schedule. The Employee hereby agrees that the stock options are cancelled and are null and void.