Common use of Equity Ownership Clause in Contracts

Equity Ownership. In the event of the termination of Employee’s employment pursuant to Section 5(c), Employer may, at its sole option, for a period of ninety (90) days after the date of termination of Employee’s employment, elect to acquire all or any portion of Employee’s equity ownership in Employer. Upon Employer’s notice of election to acquire Employee’s equity interest in Employer, the Board may elect to either (i) determine in good faith the fair market value of the Employer’s equity interests, or (ii) commission an independent valuation of Employer’s equity interests, which valuation shall in either case be as of the date Employer provides written notice to Employee of its election, and shall determine the value on which the repurchase of Employee’s equity interest will be based. The repurchase price shall be paid in one lump sum and shall be promptly paid to Employee following the completion of the valuation or determination, but in no event later than sixty (60) days following Employee’s receipt of Employer’s election notice. In the event of termination of Employee’s employment pursuant to Sections 5(a) or 5(b), Employer shall be required to purchase, in one lump sum, all of Employee’s equity ownership in Employer within sixty (60) days of termination. The fair market value of the repurchased equity interest shall be determined based on the procedures described in this Section 5(g), and the valuation date shall be the date of termination. The provisions of this Section 5(g) shall not be applicable during the time periods that the Company’s common shares are either (i) listed on any established stock exchange (including without limitation Nasdaq or the New York Stock Exchange) or (ii) are quoted on the OTC Bulletin Board.

Equity Ownership. In the event of the termination of Employee’s employment Employee pursuant to Section 5(c), Employer may, at its sole option, for a period of ninety (90) days after the date of termination of Employee’s employment, elect to acquire all or any portion of Employee’s 's equity ownership in Employer. Upon Employer’s 's notice of election to acquire Employee’s 's equity interest in Employer, the Board may elect to either (i) determine in good faith the fair market value of the Employer’s 's equity interests, or (ii) commission an independent valuation of Employer’s 's equity interests, which valuation shall in either case be as of the date Employer provides written notice to Employee of its election, and shall determine the value on which the repurchase of Employee’s 's equity interest will be based. The repurchase price shall be paid in one lump sum and shall be promptly paid to Employee following the completion of the valuation or determination, but in no event later than sixty (60) days following Employee’s 's receipt of Employer’s 's election notice. In the event of termination of Employee’s employment Employee pursuant to Sections 5(a) or 5(b), Employer shall be required to purchase, in one lump sum, all of Employee’s 's equity ownership in Employer within sixty (60) days of termination. The fair market value of the repurchased equity interest shall be determined based on the procedures described in this Section 5(g), and the valuation date shall be the date of termination. The provisions of this Section 5(g) shall not be applicable during the time periods that the Company’s common shares are either (i) listed on any established stock exchange (including without limitation Nasdaq or the New York Stock Exchange) or (ii) are quoted on the OTC Bulletin Board.

Equity Ownership. In the be event of the termination of Employee’s employment Employee pursuant to Section 5(c), Employer may, at its sole option, for a period of ninety (90) days after the date of termination of Employee’s employment, elect to acquire all or any portion of Employee’s 's equity ownership in Employer. Upon Employer’s 's notice of election to acquire Employee’s 's equity interest in Employer, the Board may elect to either (i) determine in good faith the fair market value of the Employer’s 's equity interests, or (ii) commission an independent valuation of Employer’s 's equity interests, which valuation shall in either case be as of the date Employer provides written notice to Employee of its election, and shall determine the value on which the repurchase of Employee’s 's equity interest will be based. The repurchase price shall be paid in one lump sum and shall be promptly paid to Employee following the completion of the valuation or determination, but in no event later than sixty (60) days following Employee’s 's receipt of Employer’s 's election notice. In the event of termination of Employee’s employment Employee pursuant to Sections 5(a) or 5(b), Employer shall be required to purchase, in one lump sum, all of Employee’s 's equity ownership in Employer within sixty (60) days of termination. The fair market value of the repurchased equity interest shall be he determined based on the procedures described in this Section 5(g), and the valuation date shall be the date of termination. The provisions of this Section 5(g) shall not be applicable during the time periods that the Company’s common shares are either (i) listed on any established stock exchange (including without limitation Nasdaq or the New York Stock Exchange) or (ii) are quoted on the OTC Bulletin Board.

Equity Ownership. In the event of the termination of Employee’s employment Employee pursuant to Section 5(c), Employer may, at its sole option, for a period of ninety (90) days after the date of termination of Employee’s employment, elect to acquire all or any portion of Employee’s 's equity ownership in Employer. Upon Employer’s 's notice of election to acquire Employee’s 's equity interest in Employer, the Board may elect to either (i) determine in good faith the fair market value of the Employer’s 's equity interests, interests or (ii) commission an independent valuation of Employer’s 's equity interests, which valuation shall in either case be as of the date Employer provides written notice to Employee of its election, and shall determine the value on which the repurchase of Employee’s 's equity interest will be based. The repurchase price shall be paid in one lump sum and shall be promptly paid to Employee following the completion of the valuation or determination, but in no event later than sixty (60) days following Employee’s 's receipt of Employer’s 's election notice. In the event of termination of Employee’s employment Employee pursuant to Sections 5(a) or 5(b), Employer shall be required to purchase, in one lump sum, all of Employee’s 's equity ownership in Employer within sixty (60) days of termination. The fair market value of the repurchased equity interest shall be determined based on the procedures described in this Section 5(g), and the valuation date shall be the date of termination. The provisions of this Section 5(g) shall not be applicable during the time periods that the Company’s common shares are either (i) listed on any established stock exchange (including without limitation Nasdaq or the New York Stock Exchange) or (ii) are quoted on the OTC Bulletin Board.