Common use of Company Repurchase Right Clause in Contracts

Company Repurchase Right. The Company’s Repurchase Right shall be exercisable at any time during the ninety (90) day period following the termination of your service as a Director (the “Share Repurchase Period”). Pursuant to the Repurchase Right, the Company has the right to repurchase all or any portion of the Shares that have not vested pursuant to the terms of the Vesting Schedule or as a result of your death, Disability or Retirement or the occurrence of a Corporate Transaction. The Repurchase Right shall be exercisable by written notice delivered to you prior to the expiration of the Share Repurchase Period. The notice shall indicate the number of Shares to be repurchased and the date on which the repurchase is to be effected, such date to be not later than the last day of the Share Repurchase Period. On the date on which the repurchase is to be effected, the Company and/or its assigns shall pay to you in cash or cash equivalents an amount equal to the lesser of (a) the purchase price per Share and (b) the fair market value on the date of repurchase for the unvested Shares which are to be repurchased from the you. The Repurchase Right shall terminate with respect to any Shares for which it is not timely exercised. In the event of any stock split or stock dividend, any new, substituted or additional securities distributed with respect to the Shares shall be immediately subject to the Repurchase Right, but only to the extent the Shares are at the time covered by such right.

Company Repurchase Right. The In the event that the Purchaser's employment with the Company’s , or one or more of its parent or subsidiary corporations, terminates, for any reason, the Company shall have the right (the "Company Repurchase Right shall be Right"), exercisable at any time during the ninety thirty (9030) day period following the termination of your service as a Director date that Purchaser's employment with the Company is terminated (the “Share "Company Repurchase Right Period”"). Pursuant , to repurchase, at the Purchase Price per share paid by the Purchaser pursuant to this Agreement (the "Repurchase RightPrice"), the Company has the right to repurchase all or any portion of the Unvested Shares that have in which the Purchaser has not yet acquired a vested pursuant to the terms interest (as calculated in accordance with Section 3(d) below) as of the Vesting Schedule or as a result of your death, Disability or Retirement or date that Purchaser's employment with the occurrence of a Corporate TransactionCompany is terminated (the "Termination Date"). The Company Repurchase Right shall be exercisable by written notice delivered to you the Purchaser and to GAP prior to the expiration of the Share Company Repurchase Right Period. The , which notice shall indicate the number of Unvested Shares to be repurchased and by the date on which Company. The failure of the repurchase is Company to exercise the Company Repurchase Right within the Company Repurchase Right Period shall be deemed to be effected, such date to be not later than the last day a waiver of the Share Repurchase Period. On the date on which the repurchase is to be effected, the Company and/or its assigns shall pay to you in cash or cash equivalents an amount equal to the lesser of (a) the purchase price per Share and (b) the fair market value on the date of repurchase for the unvested Shares which are to be repurchased from the you. The Repurchase Right shall terminate with respect to any Shares for which it is not timely exercised. In the event of any stock split or stock dividend, any new, substituted or additional securities distributed with respect to the Shares shall be immediately subject to the Repurchase Right, but only provided that the Company may waive its rights under this Section 3(a) prior to the extent expiration of the Shares are at Company Repurchase Right Period by giving written notice to the time covered by such rightPurchaser, with a copy to GAP.