More Whiteboard Options
But Wait, There's More: Look on the tool bar for additional Whiteboard options. It looks like three dots (...) on the bottom of the Tools.

3. Try This: Find the Undo
The Whiteboard is still open.
Go to Whiteboard->More Options.

These additional Options include:
Select All
Undo (the Computer Mama's favorite)
Redo
Cut
Copy
Paste
Paste as Image
Deleted Selected Annotations
Delete All Annotations from This Page
Save As
Send to OneNote...

Keep going...

Memo to Self: You can Save the Whiteboards as an XPS file if you wish.

Lync->Group Conversation->Whiteboard->More Options