Option Cancellation Sample Clauses
The Option Cancellation clause defines the conditions under which a party may revoke or withdraw an option that has been previously granted, such as the right to purchase shares or enter into a contract. Typically, this clause outlines the procedures for cancellation, including any required notice periods, potential penalties, or circumstances that trigger cancellation, such as breach of agreement or failure to meet certain milestones. Its core practical function is to provide a clear mechanism for ending option rights, thereby managing risk and ensuring both parties understand the consequences and process of cancellation.
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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. 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. Written evidence shall be provided, in form and substance satisfactory, to Parent that all Optionholders holding Options (i) have agreed to the cancellation of their Options as contemplated by Section 3.2, (ii) have certified their respective ownership of any Options, Shares or other equity interests in the Company, (iii) have approved the Escrow Agreement and the transactions contemplated thereby, (iv) have approved the Earn Out as described in this Agreement, and (v) have appointed the Stockholders’ Representative as contemplated by Section 9.5;
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 Option is hereby canceled and the Option Agreement is hereby terminated. The Employee Stockowner hereby acknowledges that he has no further rights, and TCI.▇▇▇ ▇▇▇ no further obligations, thereunder.
Option Cancellation. In consideration of the Company’s payment of the Purchase Price and upon repurchase of the Options by the Company, the Seller 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 agreement between the Company and the Seller evidencing the Options shall no longer be of any force or effect.
Option Cancellation. All options, warrants or similar rights to purchase equity securities of the Company shall have been cancelled and/or cashed out and any and all Company option plans shall have been terminated.
Option Cancellation. In consideration for the sum of $1.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned, being the lawful holder of certain incentive stock options entitling the undersigned to purchase common shares of SAMEX MINING CORP. of ▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇ ▇▇▇ (the "Company"), particulars of which are referred to next to his or her name below (the "Cancelled Options") hereby irrevocably consents and agrees to the cancellation of such options, effective upon delivery of this document to the Company. Dated to take effect as of September ______, 2012. Number of Cancelled Options: 225,000 _________________________________ Exercise Price $1.50 ▇▇▇▇▇ ▇. ▇▇▇▇ Expiry Date: May 2, 2021 Options Retained 1,050,000 THIS INDEMNITY made the ____ day of , 20___. BETWEEN: SAMEX MINING CORP., a company under the laws of the Province of British Columbia and having an office at ▇▇▇-▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇.▇. ▇▇▇ ▇▇▇ (hereinafter called the "Corporation") AND: (hereinafter called the "Indemnified Party") OF THE SECOND PART
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. Employee acknowledges and agrees, for the benefit of the Company and Parent and in consideration of the amendments to the Prior Agreement contained in this Agreement, that the Share Option Agreement, dated as of July 9, 2012, between Employee and Parent (the “Option Agreement”) is hereby terminated, and that neither Parent nor any of its subsidiaries or affiliates shall have any obligation, under the Option Agreement or otherwise, to issue any equity interest to Employee.