Common use of Option Cancellation Clause in Contracts

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.