Common use of Mechanism of Repurchase Clause in Contracts

Mechanism of Repurchase. Within ninety (90) days following the date on which the Company’s board of directors approves an Approved Transfer (the “Repurchase Period”), the Company may exercise the Repurchase Option by written notice delivered or mailed to the relevant Restricted Holder. At the Company’s option, the aggregate repurchase price of the Shares being repurchased may be paid: (i) by delivery with such notice of a check to such Restricted Holder or his executor, or (ii) by cancellation by the Company of an amount of such Restricted Holder’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 delivery of such notice and so long as the Company makes available payment of the repurchase price as provided herein, the repurchase shall be deemed completed, and the Shares being repurchased and all rights and interests therein shall be canceled, and the Restricted Holder shall no longer be considered the owner of those Shares repurchased for record or any other purposes and will be entitled thereafter only to receipt of the purchase price for the Shares repurchased.

Mechanism of Repurchase. Within ninety (90) days following the date on which the Company’s board of directors Board approves an Approved Transfer (the “Repurchase Period”), the Company may exercise the Repurchase Option by written notice delivered or mailed to the relevant Restricted HolderFounder. At the Company’s option, the aggregate repurchase price of the Common Shares being repurchased may be paid: (i) by delivery with such notice of a check to such Restricted Holder Founder or his executor, or (ii) by cancellation way of set off any indebtedness owing by the Company of an amount of such Restricted Holder’s indebtedness Founder to the Company, or (iii) by a combination of (i) and (ii) so that the combined payment and cancellation set-off of indebtedness equals such repurchase price. Upon delivery of such notice and so long as the Company makes available payment of the repurchase price as provided herein, the repurchase shall be deemed completed, and the Common Shares being repurchased and all rights and interests therein shall be canceled, and the Restricted Holder Founder shall no longer be considered the owner of those Common Shares repurchased for record or any other purposes and will be entitled thereafter only to receipt of the purchase price for the Common Shares repurchased.