Common use of Mechanism of Repurchase Clause in Contracts

Mechanism of Repurchase. Within five (5) days after the occurrence of a Termination, the Principal shall notify the Company and the Board of such Termination. Within ninety (90) days following a Termination with respect to the Principal (the “Repurchase Period”), the Principal and the Principal Holding Company(ies) and the Company shall complete the repurchase of the Restricted Shares. At the Company’s option, the aggregate repurchase price of the Restricted Shares being repurchased may be paid: (i) by delivery with such notice of a check to the Principal or his or her executor, or (ii) by cancellation by the Company of an amount of the Principal’s indebtedness to the Company, or (iii) by a combination of (i) and (ii) so that the combined payment and cancellation of indebtedness equals such repurchase price. Upon the occurrence of a Termination and so long as the Company makes available payment of the repurchase price as provided herein, the repurchase shall be deemed completed, and the Restricted Shares being repurchased and all rights and interests therein shall be canceled, and the Principal shall no longer be considered the owner of those Restricted Shares repurchased for record or any other purposes and will be entitled thereafter only to receipt of the purchase price for the Restricted Shares repurchased. The Company shall update its register of members to reflect the above repurchase and cancel the portion of the repurchased Restricted Shares, within thirty (30) days after the Principal or the Principal Holding Company(ies) receives the aggregate purchase price.

Mechanism of Repurchase. Within five sixty (5) days after the occurrence of a Termination, the Principal shall notify the Company and the Board of such Termination. Within ninety (9060) days following a Termination any event as set forth in Section 3.1(a) with respect to the Principal Founder (the “Repurchase Period”), the Company may exercise the Repurchase Right by delivering written notice to the relevant Principal which entitles the Company to repurchase a corresponding number of Restricted Shares pursuant to Section 3.2 above. The notice (the “Repurchase Notice”) shall indicate the number of Restricted Shares to be repurchased and the Principal Holding Company(iesdate on which the repurchase is to be effected, such date to be not later than the last day of the Repurchase Period, which shall be accompanied with the written resolutions of the Board passed with affirmative votes of at least six (6) directors out of a Board composed of eight (8) directors to approve the Company’s exercise of the Repurchase Right. The Principals and the Company shall complete take all necessary actions to enable the Company to repurchase of the Restricted SharesShares subject to the Repurchase Right. At the Company’s option, the aggregate repurchase price of the Restricted Shares being repurchased may be paid: (i) by delivery with such notice of a check to the applicable Principal or his or her the Founder’s executor, or (ii) by cancellation by the Company of an amount of the such Principal’s indebtedness to the Company, if any, or (iii) by a combination of (i) and (ii) so that the combined payment and cancellation of indebtedness equals such Repurchase Price. The applicable Restricted Shares are repurchased upon delivery of the Repurchase Notice and the applicable repurchase price. Upon the occurrence of a Termination and so long as price by the Company makes available payment of the repurchase price as provided herein, the repurchase shall be deemed completedin accordance with this Section 3.3, and the Restricted Shares being repurchased and all rights and interests therein shall be canceled, and the Principal shall no longer be considered the owner of those Restricted Shares repurchased for record or shall be immediately cancelled, without further actions by any other purposes party. To effect the foregoing, the Company is authorized and will be entitled thereafter only empowered to receipt of date, execute, deliver and otherwise use the purchase price for Transfer Form to effect the Restricted Shares repurchased. The Company shall update its register of members to reflect the above repurchase and cancel the portion of the repurchased Restricted Shares, within thirty (30) days after the Principal or the Principal Holding Company(ies) receives the aggregate purchase priceRepurchase Right.