Option Cancellation. As consideration for the Cancellation Payment set forth in Section 3, Employee acknowledges and agrees that all of Employee’s right, title and interest in and to any and all outstanding options to acquire Common Stock of the Company granted pursuant to the Plan and the Option Agreement (the “Cancelled Options”) are hereby canceled, forfeited and surrendered to the Company effective as of the date hereof (the “Cancellation Date”). Without limiting the generality of the foregoing, effective as of the date hereof, any and all rights of Employee, and any and all liabilities of the Company, with respect to the Cancelled Options (whether under or pursuant to the Option Plan, the Option Agreement, or otherwise) shall terminate in all respects.
Option Cancellation. The Option is hereby canceled and the Option Agreement is hereby terminated. The Employee Stockowner hereby acknowledges that he has no further rights, and TCI.XXX xxx no further obligations, thereunder.
Option Cancellation. In consideration of the Company’s promise to pay the Purchase Price in accordance with the terms herein, Officer and the Company hereby agree that the Options shall be cancelled as of the date hereof and that from and after the date hereof, the Options and any pre-existing agreement between the Company and Officer evidencing the Options shall no longer be of any force or effect.
Option Cancellation. In accordance with Section 11 of the Option Agreement, effective as of the date hereof, the June 2018 Option is hereby cancelled for no consideration and the Option Agreement is hereby terminated. Notwithstanding anything to the contrary in the Option Agreement or otherwise, the Optionee hereby agrees and acknowledges that effective as of the date hereof, the Optionee shall have no rights or entitlements in respect of or otherwise relating to the June 2018 Option.
Option Cancellation. Each of the options to acquire equity in the Company held by the Executive immediately prior to the Effective Date shall be cancelled immediately prior to the Effective Date.
Option Cancellation. The Sellers and the Buyer hereby agree to amend the June 6th Agreements to cancel the Options. For clarity, no Common Stock retained by any Seller hereunder shall remain subject to the Options. The June 6th Agreements shall otherwise remain in full force and effect.
Option Cancellation. The Stockholder acknowledges and agree that all of the Options (whether vested or unvested) granted pursuant to the Stock option Agreement are hereby automatically cancelled and terminated of the Termination Date, and the rights of the Stockholder in respect of such Options are hereby forfeited without any liability or obligation on the part of the Company in respect thereof.
Option Cancellation. 13 2.6 Co-Investment Rights .......................................................... 13 ARTICLE III
Option Cancellation. On the Closing Date and immediately prior to the Closing Time, each Option shall, without any action on the part of the holder thereof, and whether or not then exercisable, be converted into the right to receive an amount in cash (the "Option Amount"), if any, equal to the product of (x) $39.62 minus the current exercise price per Share of such Option and (y) the number of Shares subject to such Option on the Closing Date, payable to the holder thereof without interest thereon, and such Option will be canceled and retired and shall cease to exist; provided, that the Company shall be entitled to withhold, in accordance with applicable law, from any such cash payment any amounts required to be withheld under applicable law. The Company shall use its best efforts to obtain the consent of each Optionholder to the foregoing treatment of the Options and to take any other action reasonably necessary to effectuate the foregoing provisions. The $39.62 amount referred to above was calculated on the assumption that the Hellxx Xxxigation will be $7,500,000 at the Closing Time. To the extent the Hellxx Xxxigation at the Closing Time differs from $7,500,000 such that a recalculation of the option cash out price would differ from $39.62, Seller Representatives shall so notify Purchaser at least two Business Days prior to the Closing Date and shall, at such time, notify Purchaser of the amount of the Hellxx Xxxigation and the new option cash out price.
Option Cancellation. CFAC shall have received satisfactory evidence that all Mission Options outstanding prior to the Effective Time and the Mission Option Plan have been canceled and terminated pursuant to a written cancellation agreement on terms and conditions satisfactory to CFAC.
