Common use of Option Cancellation Clause in Contracts

Option Cancellation. In accordance with Section 11 of the Option Agreement, effective as of the date hereof, the June 2018 Option is hereby cancelled for no consideration and the Option Agreement is hereby terminated. Notwithstanding anything to the contrary in the Option Agreement or otherwise, the Optionee hereby agrees and acknowledges that effective as of the date hereof, the Optionee shall have no rights or entitlements in respect of or otherwise relating to the June 2018 Option.