Cancellation of Stock Options. All outstanding options, warrants, "phantom" stock options and other plans, agreements or arrangements of the Corporation with respect to the purchase, or the issuance of, any capital stock or other securities of the Corporation shall have been canceled and terminated prior to the Closing at no expense to the Buyer, and the Buyer shall have received reasonably satisfactory evidence thereof.
Cancellation of Stock Options. Effective as of the date first set forth above, the Optionholder and the Company agree that the Stock Options are hereby cancelled and that the Optionholder has no further rights with respect thereto, including but not limited to, any options or rights thereunder to acquire any securities of the Company and the immediate termination of any corresponding stock option agreements.
Cancellation of Stock Options. You hereby acknowledge receipt of the Cancellation Notice from the Board of Directors of the Company, whereby the Board of Directors communicated its intent to terminate all options in connection with the Grande Communications Transaction pursuant to Section 15(c)(iii) of the Grande Communications Holdings, Inc. 2000 Stock Incentive Plan. You further acknowledge and agree that it is your sole responsibility to exercise the vested portion of any options under the Plan that you hold by the Cancellation Date (as defined in the Cancellation Notice) and that any such vested options that are not so exercised will expire upon the Cancellation Date.
Cancellation of Stock Options. The Executive acknowledges that he has been granted options to purchase 500,000 shares of the common stock of Commerce with an exercise price of $1.92 per share (the "Options"), all of which are currently subject to exercise. The parties hereto agree that the Options or other rights to purchase securities of Commerce shall be cancelled as of the Effective Date, provided that the Executive has not revoked certain provisions of this Agreement as provided in Section 14(c) below.
Cancellation of Stock Options. All outstanding options, warrants, "phantom" stock options and other plans, agreements or arrangements of the Companies with respect to the purchase, or the issuance of, any securities of the Companies shall have been canceled and terminated prior to the Closing at no expense to the Buyer, and the Buyer shall have received reasonably satisfactory evidence thereof.
Cancellation of Stock Options. At or immediately prior to the Effective Time, each Current Option, whether or not fully vested, shall be cancelled and in lieu thereof, the holder of each such Current Option will be entitled to receive from the Surviving Corporation an amount in cash equal to the product of (i) the excess, if any of the Per Common Share Amount over the exercise price per Share under such Current Option multiplied by (ii) the number of Shares subject to such Current Option, whether or not fully vested, immediately prior to the Effective Time, without interest (the “Option Consideration”), reduced by any income or employment taxes required to be withheld under the Code or any provision of state, local or foreign tax law. On or prior to the Closing Date, the Company (and its board of directors) shall obtain any consent of the holders of a Current Option required to cancel such Current Option in exchange for the right to receive the Option Consideration.
Cancellation of Stock Options. Prior to the Effective Time of Merger I, the Company shall take all actions necessary and appropriate to provide that, immediately prior to the Effective Time of Merger I, each unexpired and unexercised option or similar right to purchase Company Common Stock (each, a “Company Option”), under any stock option plan of the Company or any other plan, agreement or arrangement (the “Company Stock Option Plans”), whether or not then exercisable or vested, shall be cancelled and, in exchange therefor, each former holder of any such cancelled Company Option shall be entitled to receive (as promptly as practicable after the Effective Time of Merger I), in consideration of the cancellation of such Company Option and in settlement therefor:
Cancellation of Stock Options. In accordance with and subject to the provisions of this Agreement (including Section 1.3), at the Closing, all outstanding Stock Options held by each Seller, if any, will be cancelled and each Seller agrees to the foregoing cancellation.
Cancellation of Stock Options. ELCOM and EMPLOYEE hereby agree that ----------------------------- ELCOM shall cancel six hundred thousand (600,000) stock options granted to EMPLOYEE on July 28, 1995 as a result of the STOCK OPTION AGREEMENT. ELCOM and EMPLOYEE further agree to cancel one hundred thousand (100,000) stock options granted pursuant to EMPLOYEE's role as a member of the Board Of Directors of ELCOM. The STOCK OPTION AGREEMENT attached hereto as Exhibit A and any other Stock Option Agreement of any kind or nature whatsoever entered into by EMPLOYEE and ELCOM prior to the date of this Agreement are hereby canceled in full and all of the rights, duties and obligations of the Parties are hereby terminated in full and deemed null and void for all purposes whatsoever.
Cancellation of Stock Options. As partial consideration for the payment specified in Paragraph 3 above, upon the expiration of the revocation period described in Paragraph 19 below and the unrevoked signing of this Agreement by Xxxxxx, all unexercised stock options acquired by Xxxxxx during her employment with the Company, whether vested or unvested, shall immediately be deemed cancelled. Xxxxxx represents and warrants that, immediately prior to the effective date of this Agreement, she holds vested and unvested stock options entitling her to purchase up to a total of 268,464 shares of the Company’s common stock and that 171,963 of these options are vested. Xxxxxx further agrees that all of her rights, entitlements, and benefits under the 1990 Xxxxxxx Stock Option Plan and the 1998 ClearOne Stock Option Plan, including any agreements entered into in relation to the foregoing plans, are hereby terminated and cancelled.
