Common use of Description of restrictions Clause in Contracts

Description of restrictions. The property is subject to the following restrictions: In the event taxpayer's employment with the Company or an Affiliate is terminated, the Company may repurchase all or any portion of the Shares determined as set forth below at the acquisition price paid by the taxpayer: A. If the termination takes place on or prior to ____________, the Purchase Option will apply to all of the Shares. B. If the termination takes place after __________, 200_, the number of Shares to which the Purchase Option applies shall be ______________ (___) Shares less ____________________ (___) Shares for each full twelve (12) month period elapsed after _____________, 200_ if the taxpayer is employed by the Company or an Affiliate.

Description of restrictions. The property is subject to the following restrictions: In the event taxpayer's employment with service to the Company or an Affiliate is terminated, the Company may repurchase all or any portion of the Shares determined as set forth below at the acquisition price paid by the taxpayer: A. If the termination of service takes place on or prior to ____________, the Purchase Option will apply to all of the Shares. B. If the termination of service takes place after __________, 200_, the number of Shares to which the Purchase Option applies shall be ______________ (___) Shares less ____________________ (___) Shares for each full twelve (12) month period elapsed after _____________, 200_ if the taxpayer is employed by continues to provide service to the Company or an Affiliate.