Common use of Option Cancellation Agreements Clause in Contracts

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.