Common use of Buyback Right Clause in Contracts

Buyback Right. Upon any termination of the employment of the Employee prior to a public offering of Common Stock, Holdings or its designee may at its option purchase all Common Stock acquired upon any exercise of the Option then held by the Employee for a purchase price equal to the determined value of such stock at the time of purchase. For purposes of this Section 9, "determined value" shall mean the determined value of the shares of Common Stock being purchased by Holdings pursuant to this Section 9, such value to be determined annually as of March 31 of each year by a nationally recognized investment banking firm selected by Holdings. This valuation will serve as the determined value for the shares until the next valuation unless the Board determines that a significant change in Holdings performance or prospects requires a revaluation of the shares. The purchase by Holdings pursuant to this Section 9 shall be paid for in cash, to the extent permitted under the loan agreements and debt instruments relating to Holdings or any of its subsidiaries, or, to the extent cash payments are not permitted thereunder, by means of a subordinated payment-in-kind promissory note issued by Holdings bearing interest, payable annually, at the lowest interest rate required to avoid imputed interest, which note shall be repaid as soon as permitted.

Buyback Right. Upon any termination of the employment of the Employee prior to a public offering of Common Stock, Holdings or its designee may at its option purchase all Common Stock acquired upon any exercise of the Option then held by the Employee for a purchase price equal to the determined value of such stock at the time of purchase. For purposes of this Section 9, "determined value" shall mean the determined value of the shares of Common Stock being purchased by Holdings pursuant to this Section 9, such value to be determined annually as of March 31 of each year by a nationally recognized investment banking or appraisal firm selected by Holdings. This valuation will serve as the determined value for the shares until the next valuation unless the Board determines that a significant change in Holdings performance or prospects requires a revaluation of the shares. The purchase by Holdings pursuant to this Section 9 shall be paid for in cash, to the extent permitted under the loan agreements and debt instruments relating to Holdings or any of its subsidiaries, or, to the extent cash payments are not permitted thereunder, by means of a subordinated payment-in-kind promissory note issued by Holdings bearing interest, payable annually, at the lowest interest rate required to avoid imputed interest, which note shall be repaid as soon as permitted.

Buyback Right. Upon any termination of the employment of the Employee prior to a public offering of Common Stock, Holdings or its designee may at its option purchase all Common Stock acquired upon any exercise of the Option then held by the Employee for a purchase price equal to the determined value of such stock at the time of purchase. For purposes of this Section 98, "determined value" shall mean the determined value of the shares of Common Stock being purchased by Holdings pursuant to this Section 98, such value to be determined annually as of March 31 of each year by a nationally recognized investment banking or appraisal firm selected by Holdings. This valuation will serve as the determined value for the shares until the next valuation unless the Board determines that a significant change in Holdings performance or prospects requires a revaluation of the shares. The purchase by Holdings pursuant to this Section 9 8 shall be paid for in cash, to the extent permitted under the loan agreements and debt instruments relating to Holdings or any of its subsidiaries, or, to the extent cash payments are not permitted thereunder, by means of a subordinated payment-in-kind promissory note issued by Holdings bearing interest, payable annually, at the lowest interest rate required to avoid imputed interest, which note shall be repaid as soon as permitted.