Common use of Option Termination Clause in Contracts

Option Termination. Effective as of February , 2006 (the “Effective Time”), upon the receipt by Optionholder of the Net Option Consideration and without further action on the part of anyone, (a) the Options and all related Option Agreements shall be cancelled and shall terminate in all respects; (b) all of Optionholder’s rights and claims in respect of such Option and such Option Agreements, as well as all of Optionholder’s rights and claims under the Plan, shall terminate in all respects; and (c) at such time, Optionholder’s sole right in respect of the Options and the Option Agreements shall be to receive the Net Option Consideration (as defined below).

Option Termination. Effective as of February , 2006 (the “Effective Time”), upon the receipt by Optionholder of the Net Vested Option Consideration (as defined below) and without further action on the part of anyone, (a) the Options and all related Option Agreements shall be cancelled and shall terminate in all respects; (b) all of Optionholder’s rights and claims in respect of such Option Options and such Option Agreements, as well as all of Optionholder’s rights and claims under the Plan, shall terminate in all respects; and (c) at such time, Optionholder’s sole right in respect of the Options and the Option Agreements shall be to receive the Net Vested Option Consideration and the Stay Bonus Amount (as defined below).