Common use of Exercise of Unvested Share Repurchase Option Clause in Contracts

Exercise of Unvested Share Repurchase Option. If the Founder’s service with the Company is terminated for any reason, or if the Founder or the Founder’s legal representative attempts to dispose of any Unvested Shares other than as allowed in this Agreement, the Founders Group and the Company, collectively, may exercise the Unvested Share Repurchase Option by written notice to the Escrow Agent (as defined in Section 7) and to the Founder or the Founder’s legal representative within forty five (45) calendar days after such termination or after the Founders Group and the Company have received notice of the attempted disposition of any of the Unvested Shares other than as allowed in this Agreement. Initially, the Founders Group (pro rata among themselves) and the Company shall each have the right to acquire fifty percent (50%) of the Unvested Shares. If the Company does not desire to purchase its fifty percent (50%) of the Unvested Shares, all of such Unvested Shares shall be offered to the Founders Group (to be purchased pro rata among themselves). If, collectively, Company and the Founders Group do not acquire all of the Unvested Shares, then they shall acquire none of the Unvested Shares. Unvested Shares not acquired hereunder shall be forfeited by the Founder and shall revert to the Company as authorized but unissued shares. Unvested Shares acquired pursuant to this Section 2 shall immediately become Vested Shares in the hands of members of the Founders Group.

Exercise of Unvested Share Repurchase Option. If the Founder’s service with the Company is terminated for any reason, or if the Founder or the Founder’s legal representative attempts to dispose of any Unvested Shares other than as allowed in this Agreement, the Founders Group and the Company, collectively, may exercise the Unvested Share Repurchase Option by written notice to the Escrow Agent (as defined in Section 7) and to the Founder or the Founder’s legal representative within forty five (45) calendar days after such termination or after the Founders Group and the Company have received notice of the attempted disposition of any of the Unvested Shares other than as allowed in this Agreement. Initially, the Founders Group (pro rata among themselves) and the Company shall each have the right to acquire fifty percent (50%) of the Unvested Shares. If the Company does not desire to purchase its fifty percent (50%) of the Unvested Shares, all of such Unvested Shares shall be offered to the Founders Group (to be purchased pro rata among themselves). If, collectively, Company and the Founders Group do not acquire all of the Unvested Shares, then they shall acquire none of the Unvested Shares. Unvested Shares not acquired hereunder shall be forfeited by the Founder and shall revert to the Company as authorized but unissued shares. Unvested Shares acquired pursuant to this Section 2 shall immediately become Vested Shares in the hands of members of the Founders Group. 1 Of which 23,250 were subsequently repurchased by the Company.

Exercise of Unvested Share Repurchase Option. If the Founder’s service with the Company is terminated for any reason, or if the Founder or the Founder’s legal representative attempts to dispose of any Unvested Shares other than as allowed in this Agreement, the Founders Group and the Company, collectively, may exercise the Unvested Share Repurchase Option by written notice to the Escrow Agent (as defined in Section 7) and to the Founder or the Founder’s legal representative within forty five (45) calendar days after such termination or after the Founders Group and the Company have received notice of the attempted disposition of any of the Unvested Shares other than as allowed in this Agreement. Initially, the Founders Group (pro rata among themselves) and the Company shall each have the right to acquire fifty percent (50%) of the Unvested Shares. If the Company does not desire to purchase its fifty percent (50%) of the Unvested Shares, all of such Unvested Shares shall be offered to the Founders Group (to be purchased pro rata among themselves). If, collectively, Company and the Founders Group do not acquire all of the Unvested Shares, then they shall acquire none of the Unvested Shares. Unvested Shares not acquired hereunder shall be forfeited by the Founder and shall revert to the Company as authorized but unissued shares. Unvested Shares acquired pursuant to this Section 2 shall immediately become Vested Shares in the hands of members of the Founders Group. 1 Of which 7,750 were subsequently repurchased by the Company.

Exercise of Unvested Share Repurchase Option. If the Founder’s service with the Company is terminated for any reason, or if the Founder or the Founder’s legal representative attempts to dispose of any Unvested Shares other than as allowed in this Agreement, the Founders Group and the Company, collectively, may exercise the Unvested Share Repurchase Option by written notice to the Escrow Agent (as defined in Section 7) and to the Founder or the Founder’s legal representative within forty five (45) calendar days after such termination or after the Founders Group and the Company have received notice of the attempted disposition of any of the Unvested Shares other than as allowed in this Agreement. Initially, the Founders Group (pro rata among themselves) and the Company shall each have the right to acquire fifty percent (50%) of the Unvested Shares. If the Company does not desire to purchase its fifty percent (50%) of the Unvested Shares, all of such Unvested Shares shall be offered to the Founders Group (to be purchased pro rata among themselves). If, collectively, Company and the Founders Group do not acquire all of the Unvested Shares, then they shall acquire none of the Unvested Shares. Unvested Shares not acquired hereunder shall be forfeited by the Founder and shall revert to the Company as authorized but unissued shares. Unvested Shares acquired pursuant to this Section 2 shall immediately become Vested Shares in the hands of members of the Founders Group. 1 Of which 70,750 were subsequently repurchased by the Company.