Lapsing Repurchase Right. If Purchaser ceases to serve as an employee of the Company for any reason, including death or permanent and total disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code")), then the Company shall have the right, in its sole discretion, to repurchase (referred to herein as the "Lapsing Repurchase Right") from Purchaser or Purchaser's personal representative, as the case may be, at a price of $0.85 per Share all or any portion of the Shares that have not yet vested pursuant to Section 6.1(c) below. The Company may exercise the Lapsing Repurchase Right at any time within 180 days after the last day of Purchaser's employment by the Company.
Appears in 3 contracts
Samples: Subscription Agreement (Ixia), Subscription Agreement (Ixia), Subscription Agreement (Ixia)
