Cancelled Options definition
Examples of Cancelled Options in a sentence
If the Optionee is married and the Cancelled Options of such Optionee constitute community property or otherwise need spousal or other approval to be legal, valid and binding, this Agreement has been duly authorized, executed and delivered by such Optionee's spouse, enforceable against such spouse in accordance with its terms.
By execution of this Agreement, the parties have taken all steps necessary to cancel the Cancelled Options.
In exchange for the Optionholder’s agreement to cancel and terminate the Cancelled Options and the release of claims set forth in Section 1.3, the Company agrees to grant the Optionholder, one (1) share of Common Stock pursuant to the Incentive Plan.
The Optionholder hereby represents and warrants to the Company that: (a) the Optionholder has full power and authority to enter into and perform this Agreement and to carry out the transactions contemplated hereby; there are no restrictions on the cancellation and termination of the Cancelled Options; and (c) this Agreement constitutes the legal, valid, and binding obligation of the Optionholder, enforceable against the Optionholder in accordance with its terms.
The Optionee does hereby forever release, ------------------ discharge and acquit the Company from all claims, demands, obligations and liabilities, whensoever arising out of, connected with or relating to, the Cancelled Options and the cancellation thereof; provided, however, that such ------------------ release and waiver does not extend to claims, demands, obligations and liabilities arising out of this Agreement.
The Optionee hereby agrees to cancel and surrender ------------ all of the Optionee's rights under the Cancelled Options effective on the date of the consummation of the Merger, and the Company hereby agrees to pay to the Optionee on the date of the consummation of the Merger, the Cancellation Payment in the form of the Cash and the Deferred Amount.
Employee is the record and beneficial owner of, and has good and marketable title to, all of the Cancelled Options, free and clear of all liens and encumbrances.
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.
The Holder and the Company hereby agree that subject to, and on the closing date of the Transaction, the Cancelled Options shall be automatically cancelled and surrendered in exchange for payment to the Holder of the Cash Amount.
The remaining terms and provisions of each Substitute Option are the same as the terms and provisions that were in effect under each of the corresponding Cancelled Options at the time of cancellation hereunder.