The Option Cancellation Agreement is a critical document used when parties wish to formally terminate an existing option arrangement in the Philippines. It is commonly employed in situations where market conditions have changed, strategic priorities have shifted, or parties mutually agree to end their option arrangements. The document must comply with Philippine law, particularly the Civil Code, Securities Regulation Code, and Corporation Code where applicable. This agreement typically includes details of the original option, terms of cancellation, consideration (if any), mutual releases, tax implications, and any surviving obligations. Special attention must be paid to regulatory requirements, especially when the options involve corporate shares or regulated securities. The agreement serves as a clean break between parties while protecting their respective interests and ensuring legal compliance.
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1. Parties: Identification of all parties to the agreement, including the option holder and option grantor
2. Background: Details of the original option agreement, including date of grant, key terms, and reason for cancellation
3. Definitions: Definitions of key terms used in the agreement, including reference to the original option agreement
4. Cancellation: Express agreement to cancel the option and the effective date of cancellation
5. Consideration: Details of any payment or consideration for the cancellation, if applicable
6. Mutual Release: Release of rights and obligations under the original option agreement
7. Tax Matters: Acknowledgment of tax implications and responsibilities of each party
8. Representations and Warranties: Confirmations from each party regarding authority to enter into the agreement and understanding of its effects
9. Governing Law: Specification that Philippine law governs the agreement
10. Execution: Signature blocks and execution requirements
1. Regulatory Compliance: Include when the option involves regulated securities or requires regulatory notifications
2. Confidentiality: Include when parties wish to maintain confidentiality about the cancellation terms
3. Surviving Obligations: Include when certain obligations from the original agreement should survive cancellation
4. Return of Documents: Include when physical certificates or documents need to be returned
5. Third Party Rights: Include when the cancellation affects rights of third parties or requires third party consent
6. Corporate Approvals: Include when corporate authorizations are required for the cancellation
1. Original Option Agreement: Copy or key terms of the original option agreement being cancelled
2. Calculation of Consideration: If applicable, detailed calculation of any consideration paid for the cancellation
3. Corporate Authorizations: Copies of relevant board resolutions or corporate approvals
4. Regulatory Filings: Copies of any required regulatory notifications or filings
5. Release Documentation: Form of mutual release or specific release terms
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