CANCELLATION OF A PORTION OF THE ORIGINAL OPTION Sample Clauses

CANCELLATION OF A PORTION OF THE ORIGINAL OPTION. WHEREAS, pursuant to the Original Stock Option Agreement, the Company granted Optionee an option to purchase 500,000 Shares (the “Original Option”); WHEREAS, the Company and Optionee mutually desire to cancel that portion of the Original Option covering 300,000 Shares; WHEREAS, the cancellation of such portion of the Original Option shall not affect the remaining portion of the Original Option covering 200,000 Shares, and such portion of the Original Option shall remain in full force and effect. NOW, THEREFORE, in consideration of the covenants and undertakings herein, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Company and Optionee hereby agree as follows:
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