Common use of Cancellation of Stock Options Clause in Contracts

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. The Executive acknowledges that he has been granted options to purchase 600,000 133,333 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. The Executive acknowledges that he has been granted options to purchase 600,000 500,000 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. The Executive acknowledges that he has been granted options to purchase 600,000 45,000 shares of the common stock of Commerce the Company (“Common Stock”) with an the exercise price of $1.92 per share being the Fair Market Value (as defined in Commerce Energy Group, Inc. 2006 Stock Incentive Plan) of the "Common Stock on the Grant Date (as defined in the Executive’s Employment Agreement)(the “Options"”), all none of which are currently subject to exercisehave yet vested. The parties hereto agree that the Options or other rights to purchase securities of Commerce shall be cancelled as of the Effective Termination Date, provided that the Executive has not revoked certain provisions of this Agreement as provided in Section 14(c) below.