OPTION TERMINATION AGREEMENT (this “Agreement”) is made as of
August __, 2007, by and among Landbank Group, Inc., a Delaware corporation
“Company”), and ___________________________ (the
the Option Holder received options (the “Options”), dated
____________, to purchase ___________ shares of the Common Stock, par value
$0.0001 per share, of the Company;
as of the date hereof, the Option Holder has not exercised any of the Options,
nor have any of the Options vested; and
the Company desires, and the Option Holder agrees, to explicitly terminate
Options as of the date of this Agreement;
THEREFORE, for good and valuable consideration the sufficiency of which is
hereby acknowledged, the parties, intending to be legally bound, hereby agree
of Options. The Company and the Option Holder hereby agree to
terminate the Options, effective as of the date of this Agreement.
2. Authorization. Each
party hereto represents and warrants that it is authorized to take the actions
contemplated hereunder and shall take such further actions and do such further
things necessary to fulfill the purposes of this Agreement.
Law. This Agreement shall be governed, construed and interpreted
in accordance with the laws of the State of California, without giving effect
principles of conflicts of law.
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
first above written.