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Exhibit 10.24
STOCK OPTIONS CANCELLATION AGREEMENT
XXXXXXX X. XXXXXXX
For value received, sufficiency of which is hereby acknowledged, Xxxxxxx X.
Xxxxxxx (the "Optionee") hereby relinquishes claim to, and agrees to the
cancellation of Options to purchase 100,000 shares of Class B Common stock in
TeleCommunication Systems, Inc. (the "Company") under the following
circumstances:
Optionee Agreement dated July 29, 1998 granted Optionee a total of 139,437
Options at a purchase price of $0.28 per share. If Optionee remains an employee
of the Company on August 26, 2000, 33,334 of those Options shall be canceled.
If Optionee remains an employee of the Company on August 26, 2001, 33,333 of
the remaining Options shall be cancelled. If Optionee remains an employee of
the Company on August 26, 2002, 33,333 of the remaining Options shall be
canceled. In all cases, Options shall be canceled from unvested balances prior
to cancellation of vested Options.
These cancellations will leave a total of 39,437 Options from this grant
remaining at a purchase price of $0.28 per share.
This Agreement shall be governed by and construed in accordance with the laws
of the State of Maryland and shall be binding upon the executors,
administrators, heirs and assigns of Xxxxxxx X. Xxxxxxx.
Date: 8/27/99
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/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
State of Maryland, County of Xxxx Arundel, ss.
On this the 27 day of August, 1999, before me, Xxxxx X. Xxxxx, the
undersigned officer, personally appeared Xxxxxxx X. Xxxxxxx, known to me to be
the person whose name is subscribed to with the within instrument and
acknowledged that he executed the same for the purposes therein contained. In
witness whereof, I hereunto set my hand and official seal.
/s/ Xxxxx X Xxxxx
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Notary Public
06/01/03
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My Commission Expires
[NOTARY PUBLIC SEAL]
