Common use of Exercise of Repurchase Right Clause in Contracts

Exercise of Repurchase Right. If Bancorp elects to exercise the Repurchase Right for all or any portion of the Unvested Shares, it shall do so by delivering a written notice of exercise to the Grantee prior to the expiration of the ninety (90) day period described in paragraph 2.b. Such notice shall specify the number of Unvested Shares that Bancorp will repurchase and the date on which the repurchase is to be effected, which date shall be not more than thirty (30) days after the date of the notice. To the extent that one or more certificates representing Unvested Shares may have been previously delivered out of escrow to the Grantee, the Grantee shall, prior to the close of business on the date specified for the repurchase, deliver to the Secretary of Bancorp the certificates representing the Unvested Shares to be repurchased, each certificate to be properly endorsed for transfer. Bancorp shall, concurrently with the receipt of such stock certificates (either from escrow or from the Grantee as herein provided), pay to the Grantee, in cash or cash equivalents, an amount equal to the Purchase Price originally paid by the Grantee for the Unvested Shares that Bancorp elects to repurchase. If Bancorp does not elect to exercise the Purchase Right for all or any portion of the Unvested Shares, in the manner and within the time period described above, then Bancorp shall cease to have any further Repurchase Right with respect to the Unvested Shares that it does not elect to repurchase.

Exercise of Repurchase Right. If Bancorp elects to exercise the Repurchase Right for all or any portion of the Unvested Shares, it shall do so by delivering a written notice of exercise to the Grantee prior to the expiration of the ninety (90) day period described in paragraph 2.b. 2. a. Such notice shall specify the number of Unvested Shares that Bancorp will repurchase and the date on which the repurchase is to be effected, which date shall be not more than thirty (30) days after the date of the notice. To the extent that one or more certificates representing Unvested Shares may have been previously delivered out of escrow to the Grantee, the Grantee shall, prior to the close of business on the date specified for the repurchase, deliver to the Secretary of Bancorp the certificates representing the Unvested Shares to be repurchased, each certificate to be properly endorsed for transfer. Bancorp shall, concurrently with the receipt of such stock certificates (either from escrow or from the Grantee as herein provided), pay to the Grantee, in cash or cash equivalents, an amount equal to the Purchase Price originally paid by the Grantee for the Unvested Shares that Bancorp elects to repurchase. If Bancorp does not elect to exercise the Purchase Right for all or any portion of the Unvested Shares, in the manner and within the time period described above, then Bancorp shall cease to have any further Repurchase Right with respect to the Unvested Shares that it does not elect to repurchaserepurchase (provided, however, that such Shares shall continue to be subject to the right of first refusal described in paragraph 6).

Exercise of Repurchase Right. If Bancorp elects to exercise the Repurchase Right for all The Parent or any portion of the its assignee(s) or transferee(s) may exercise its Right of Repurchase for some or all Unvested Shares, it shall do so Shares by delivering a giving written notice of exercise to the Grantee Executive prior to the expiration of the ninety (90) day period described in paragraph 2.bRepurchase Period. Such The notice shall specify the number of Unvested Shares that Bancorp will repurchase and set forth the date on which the repurchase is to be effected, which . Such date shall not be not more than thirty (30) days 15 Business Days after the date of the notice. To The certificate(s) representing the extent that one or more certificates representing Unvested Shares may have been previously delivered out of escrow to the Grantee, the Grantee be repurchased shall, prior to the close of business on the date specified for the repurchase, deliver be delivered to the Secretary of Bancorp the certificates representing the Unvested Shares to be repurchased, each certificate to be Parent properly endorsed for transfer. Bancorp The Parent or its assignee(s) or transferee(s) shall, concurrently with the receipt of such stock certificates (either from escrow or from the Grantee as herein providedcertificate(s), pay to the Grantee, in cash or cash equivalents, an amount equal to Executive the aggregate Purchase Price originally paid by the Grantee for the Unvested Shares being repurchased. Notwithstanding the foregoing, the Parent or its assignee(s) or transferee(s) shall be deemed to have exercised their Right of Repurchase with respect to all of the Unvested Shares at the close of the Repurchase Period unless the Parent notifies the Executive in writing prior to the end of the Repurchase Period that Bancorp elects the Right of Repurchase will not be exercised with respect to repurchase. If Bancorp does not elect to exercise the Purchase Right for some or all or any portion of the Unvested Shares, in the manner and within the time period described above, then Bancorp shall cease to have any further Repurchase Right with respect to the Unvested Shares that it does not elect to repurchase.