Company Repurchase Option. (a) If, prior to an IRR Release Date, a Termination Event occurs and the termination was by the Management Stockholder without Good Reason, the Company shall have an irrevocable option (the “Repurchase Option”) for a period of sixty (60) days (or such longer period as determined by the Board in good faith if the Board has retained an Independent Appraiser and such Independent Appraiser is proceeding to determine Fair Market Value, RESTRICTED STOCK AGREEMENT however, in such instance, no more than five (5) Business Days after such determination of Fair Market Value) from the effective date of such Termination Event to repurchase all or any portion of the Termination Non-Forfeitable Shares for a per share price equal to seventy percent (70%) (or ninety percent (90%) if the effective date of the Termination Event occurs following the sixth anniversary of the date hereof) of the Fair Market Value of the Termination Non-Forfeitable Shares (the “Repurchase Price”).
Appears in 3 contracts
Samples: Restricted Stock Agreement (NewStar Financial, Inc.), Restricted Stock Agreement (NewStar Financial, Inc.), Restricted Stock Agreement (NewStar Financial, Inc.)
Company Repurchase Option. (a) If, prior to an IRR Release Date, a Termination Event occurs and the termination was by the Management Stockholder without Good Reason, the Company shall have an irrevocable option (the “Repurchase Option”) for a period of sixty (60) days (or such longer period as determined by the Board in good faith if the Board has retained an Independent Appraiser and such Independent Appraiser is proceeding to determine Fair Market Value, RESTRICTED STOCK AGREEMENT however, in such instance, no more than five (5) Business Days after such determination of Fair Market Value) from the effective date of such Termination Event to repurchase all or any portion of the Termination Non-Forfeitable Shares for a per share price equal to seventy percent (70%) (or ninety percent (90%) if the effective date of the Termination Event occurs following the sixth anniversary of the date hereof) of the Fair Market Value of the Termination Non-Forfeitable Shares (the “Repurchase Price”).
Appears in 1 contract
Samples: Restricted Stock Agreement (NewStar Financial, Inc.)
