Option Cancellation Agreements Sample Clauses
An Option Cancellation Agreement is a contractual provision that allows parties to mutually agree to terminate or cancel outstanding options, such as stock options or purchase options, before their original expiration date. Typically, this clause outlines the terms under which the cancellation occurs, including any compensation or consideration provided to the option holder, and the process for formalizing the cancellation. Its core practical function is to provide flexibility for both parties to adjust or end option arrangements when circumstances change, thereby preventing future disputes and clarifying the parties' rights and obligations regarding the cancelled options.
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Option Cancellation Agreements. The Sellers shall use their commercially reasonable efforts to cause each Option Holder to sign an Option Cancellation Agreement, in substantially the form attached as Exhibit C, and deliver copies of the signed agreements to Buyer at Closing.
Option Cancellation Agreements. If the Scheduled Closing Date is prior to the expiration of the Option Notice Period, the Company shall have delivered to Purchaser either: (i) executed Option Cancellation Agreements from each holder of outstanding Options (or waiver of the Option Notice Period) or (ii) an opinion of Stoel Rives LLP reasonably satisfactory to Purchaser that the only right against the Company which would be available to a holder of an Option who neither executes and delivers to the Company an Option Cancellation Agreement nor waives any claim he may have against the Company as a result of consummation of the Merger prior to the expiration of the Option Notice Period would be to receive either the Per Share Merger Consideration for each share of Stock subject to the Option or the Option Value.
Option Cancellation Agreements. Each holder of a Company Option shall have entered into an Option Cancellation Agreement in a form reasonably satisfactory to Parent.
Option Cancellation Agreements. An Option Cancellation Agreement, as described in Paragraph 6.13 and in a form specified by and reasonably satisfactory to MFC, shall have been executed and delivered by and between CNB and each person who held a CNB Option at any time prior to the Effective Time, and CNB shall have delivered a copy of each such Option Cancellation Agreement to MFC.
Option Cancellation Agreements. TopCo shall deliver fully-executed copies of the Option Cancellation Agreements from each of the Significant Optionholders.
Option Cancellation Agreements. 36 (j) Consents to Assignments.......................................................... 36 (j) Acceptance by MFC's Counsel...................................................... 36
Option Cancellation Agreements. If the Board of Directors of Sterling has not taken all action necessary to cause the Sterling Options to be terminated and canceled at or prior to the Effective Time of the Merger or, in the case of the 2008 Plans, terminated and
Option Cancellation Agreements. Bancshares shall have furnished Valley with signed Option Cancellation Agreements for each holder of Bancshares Stock Options.
Option Cancellation Agreements. The Buyer shall have received an Option Cancellation Agreement from each holder of an Option outstanding immediately prior to the Effective Time.
Option Cancellation Agreements. Purchaser shall have received from each Optionholder an option cancellation agreement in the form attached hereto as Exhibit I (an “Option Cancellation Agreement”) pursuant to which each such Optionholder would agree and acknowledge that the Options shown on Section 2.5 of the Disclosure Schedule as being held by such Optionholder are being cancelled in exchange for the consideration described in Section 1.2(b).