Common use of Cancellation of Option Clause in Contracts

Cancellation of Option. The Company shall have the right to terminate the right of the Optionee to exercise the Option, effective thirty (30) days after receipt by the Optionee of a written notice from the Company informing the Optionee that this Option is to be cancelled (the "Cancellation Notice"). The Company may issue a Cancellation Notice only in connection with (i) the sale of substantially all of the Company's assets, or (ii) a merger, consolidation or other corporate transaction in which the Company would not be the surviving entity. Following receipt of a Cancellation Notice and during the period prior to the effective date of the termination, the Optionee shall have the right to exercise the Option (to the extent not previously exercised) with respect to all Shares, if any, which were immediately exercisable by the Optionee hereunder during the period following receipt of a Cancellation Notice until the effective date of the termination.

Cancellation of Option. The Company Corporation shall have the right to terminate the right of the Optionee to exercise the Option, effective thirty (30) days after receipt by the Optionee of a written notice from the Company Corporation informing the Optionee that this Option is to be cancelled (the "Cancellation Notice"). The Company Corporation may issue a Cancellation Notice only in connection with (i) the sale of substantially all of the CompanyCorporation's assets, or (ii) a merger, consolidation or other corporate transaction in which the Company Corporation would not be the surviving entity. Following receipt of a Cancellation Notice and during the period prior to the effective date of the termination, the Optionee shall have the right to exercise the Option (to the extent not previously exercised) with respect to all Shares, if any, which were immediately exercisable by the Optionee hereunder during the period following receipt of a Cancellation Notice until the effective date of the termination.