Rescission of Option Grant — between a Corporation and an Individual is a legal agreement that terminates an individual's right to purchase shares in a company from the company. The rescission of the option grant is typically done in one of two ways: either the corporation revokes the option grant, or the individual chooses to waive his/her right to exercise the option grant. Types of Rescission of Option Grant — between a Corporation and an Individual: 1. Voluntary Rescission: This type of rescission occurs when an individual decides to voluntarily waive his/her right to exercise the option grant. 2. Involuntary Rescission: This type of rescission occurs when the corporation revokes the option grant. This can occur when the individual does not meet the necessary conditions for exercising the option grant, such as the company's performance requirements, or when the option grant expires.