EXHIBIT 10.3
AGREEMENT TO CANCEL
STOCK OPTION AGREEMENT
This Agreement to Cancel Stock Option Agreement is made as of October
15, 2001, by and between AVIDYN, Inc., a Delaware corporation (the "Company"),
and X. Xxxx Xxxx ("Xx. Xxxx").
RECITALS:
WHEREAS, the Company granted Xx. Xxxx a stock option to purchase
500,000 shares of the Company's common stock evidenced by a stock option
agreement by and between the Company and Xx. Xxxx (the "Option Agreement").
WHEREAS, the parties desire to cancel the Option Agreement.
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual
covenants set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:
1. AGREEMENT. In consideration of Xx. Xxxx'x agreement to cancel the
Option Agreement, the Company agrees to pay Xx. Xxxx $5,000 immediately upon
execution of this Agreement. The Company and Xx. Xxxx agree that the Option
Agreement is hereby terminated in all respects and Xx. Xxxx acknowledges and
agrees that upon such termination, Xx. Xxxx and its affiliates have no options
to buy any shares of the Company's common stock.
2. CONFLICT OF LAWS. This Agreement shall be governed by and construed
in accordance with the laws of the State of Texas without giving effect to its
conflicts of law provisions.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.
AVIDYN, Inc.
By: /s/ Xxxxxx X. Xxxxxxx
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Xxxxxx X. Xxxxxxx, President
/s/ X. Xxxx Xxxx
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X. Xxxx Xxxx
