Common use of Company’s Right to Repurchase Shares Clause in Contracts

Company’s Right to Repurchase Shares. Upon Termination of Business Relationship, the Company shall have the option to repurchase all (but not less than all) of the shares of stock which have been purchased by the Optionee pursuant to exercise of the Option and which the Optionee then holds. The repurchase price payable by the Company if it exercises its repurchase option shall be the fair market value of the shares of stock on the date of repurchase, determined in accordance with Section 1.18 of the Plan, except that if at the date of such repurchase, the Company's common stock is not publicly traded, the fair market value of the shares of stock shall be determined for purposes of this Section 5.9 on the basis of the following formula: eight (8) times the Company's pre-tax earnings for the Company's most recently audited fiscal year divided by the number of outstanding shares of the Company's common stock (including shares issuable upon the conversion of outstanding shares of preferred stock) on the date of repurchase. The Company's repurchase option shall be exercisable by giving written notice to the Optionee within thirty (30) calendar days after the Termination of Business Relationship provided, however, that in the event that the Optionee exercises the Option after the Optionee's Termination of Business Relationship but prior to the expiration of the Option pursuant to the provisions of Section 3.3, the Company's repurchase option shall be exercisable by giving written notice within thirty (30) calendar days after the exercise of the Option by the Optionee. In the event that the Company exercises its option to repurchase shares of stock from the Optionee pursuant to this Section 5.9, the Optionee shall sign a general release acknowledging that the Optionee has no further right, claim or title to such shares. Upon receipt of such general release and the stock certificates representing the shares, the Company shall forward payment for such shares.

Company’s Right to Repurchase Shares. Upon Termination of Business Relationship, the Company shall have the option to repurchase all (but not less than all) of the shares of stock which have been purchased by the Optionee pursuant to exercise of the Option and which the Optionee then holds. The repurchase price payable by the Company if it exercises its repurchase option shall be the fair market value of the shares of stock on the date of repurchase, determined in accordance with Section 1.18 4.2 of the Plan, except that if at the date of such repurchase, the Company's common stock is not publicly traded, the fair market value of the shares of stock shall be determined for purposes of this Section 5.9 on the basis of the following formula: eight (8) times the Company's pre-tax earnings for the Company's most recently audited fiscal year divided by the number of outstanding shares of the Company's common stock (including shares issuable upon the conversion of outstanding shares of preferred stock) on the date of repurchase. The Company's repurchase option shall be exercisable by giving written notice to the Optionee within thirty (30) calendar days after the Termination of Business Relationship provided, however, that in the event that the Optionee -------- ------- exercises the Option after the Optionee's Termination of Business Relationship but prior to the expiration of the Option pursuant to the provisions of Section 3.3, the Company's repurchase option shall be exercisable by giving written notice within thirty (30) calendar days after the exercise of the Option by the Optionee. In the event that the Company exercises its option to repurchase shares of stock from the Optionee pursuant to this Section 5.9, the Optionee shall sign a general release acknowledging that the Optionee has no further right, claim or title to such shares. Upon receipt of such general release and the stock certificates representing the shares, the Company shall forward payment for such shares.

Company’s Right to Repurchase Shares. Upon Termination of Business RelationshipEmployment, the Company shall have the option to repurchase all (but not less than all) of the shares of stock which have been purchased by the Optionee Employee pursuant to exercise of the Option and which the Optionee Employee then holds. The repurchase price payable by the Company if it exercises its repurchase option shall be the greater of the purchase price of the shares pursuant to Section 2.2 or the fair market value of the shares of stock on the date of repurchase, determined in accordance with Section 1.18 of the Plan, except that if at the date of such repurchase, the Company's common stock is not publicly traded, the fair market value of the shares of stock shall be determined for purposes of this Section 5.9 5.10 on the basis of the following formula: eight (8) times the Company's pre-tax earnings for the Company's most recently audited fiscal year divided by the number of outstanding shares of the Company's common stock (including shares issuable upon the conversion of outstanding shares of preferred stock) on the date of repurchase. The Company's repurchase option shall be exercisable by giving written notice to the Optionee Employee within thirty (30) calendar days after the Termination of Business Relationship Employment provided, however, that in the event that the Optionee exercises the Option after the Optionee's Termination of Business Relationship Employment but prior to the expiration of the Option pursuant to the provisions of Section 3.3, the Company's repurchase option shall be exercisable by giving written notice within thirty (30) calendar days after the exercise of the Option by the Optionee. In the event that the Company exercises its option to repurchase shares of stock from the Optionee pursuant to this Section 5.95.10, the Optionee's shares of stock shall automatically be canceled, and Optionee shall sign a general release acknowledging that the Optionee has have no further right, claim or title to such shares, other than the right to receive the repurchase price provided for in this Section 5.10. Upon receipt of such a general release and the stock certificates representing the shares, the Company shall forward payment for such shares.

Company’s Right to Repurchase Shares. Upon Termination of Business RelationshipEmployment, the Company shall have the option to repurchase all (but not less than all) of the shares of stock which have been purchased by the Optionee Employee pursuant to exercise of the Option and which the Optionee Employee then holds. The repurchase price payable by the Company if it exercises its repurchase option shall be the greater of the purchase price of the shares pursuant to Section 2.2 or the fair market value of the shares of stock on the date of repurchase, determined in accordance with Section 1.18 4.2 of the Plan, except that if at the date of such repurchase, the Company's common stock is not publicly traded, the fair market value of the shares of stock shall be determined for purposes of this Section 5.9 5.10 on the basis of the following formula: eight (8) times the Company's pre-tax earnings for the Company's most recently audited fiscal year divided by the number of outstanding shares of the Company's common stock (including shares issuable upon the conversion of outstanding shares of preferred stock) on the date of repurchase. The Company's repurchase option shall be exercisable by giving written notice to the Optionee Employee within thirty (30) calendar days after the Termination of Business Relationship Employment provided, however, that in the event that the Optionee exercises the -------- ------- Option after the Optionee's Termination of Business Relationship Employment but prior to the expiration of the Option pursuant to the provisions of Section 3.3, the Company's repurchase option shall be exercisable by giving written notice within thirty (30) calendar days after the exercise of the Option by the Optionee. In the event that the Company exercises its option to repurchase shares of stock from the Optionee pursuant to this Section 5.95.10, the Optionee's shares of stock shall automatically be cancelled, and Optionee shall sign a general release acknowledging that the Optionee has have no further right, claim or title to such shares, other than the right to receive the repurchase price provided for in this Section 5.10. Upon receipt of such a general release and the stock certificates representing the shares, the Company shall forward payment for such shares.