Option to Have Company Repurchase Stock and Options. If Executive dies while employed, the Company shall, subject to any restrictions contained in any credit or similar agreements or that exist under the Law, offer to purchase all of Executive’s stock and any outstanding options which are vested at the time of death. If the representative of the Executive’s estate wishes to accept such offer, he or she shall request, within six (6) months of death, that the Board determine the fair market value of Executive’s interest in the Company. This value shall be communicated in writing to the representative, and the representative shall have thirty (30) days to accept or reject the valuation. If the valuation is rejected, the representative shall have no further rights to have the interest repurchased by the Company.
Appears in 3 contracts
Samples: Employment Agreement (Turnpoint Medical Devices, Inc.), Employment Agreement (Turnpoint Medical Devices, Inc.), Employment Agreement (Turnpoint Medical Devices, Inc.)
Option to Have Company Repurchase Stock and Options. If Executive dies while employed, the Company shall, subject to any restrictions contained in any credit or similar agreements or that exist under the Law, offer to purchase all of Executive’s 's stock and any outstanding options which are vested at the time of death. If the representative of the Executive’s 's estate wishes to accept such offer, he or she shall request, within six (6) months of death, that the Board determine the fair market value of Executive’s 's interest in the Company. This value shall be communicated in writing to the representative, and the representative shall have thirty (30) days to accept or reject the valuation. If the valuation is rejected, the representative shall have no further rights to have the interest repurchased by the Company.
Appears in 3 contracts
Samples: Employment Agreement (Turnpoint Medical Devices, Inc.), Employment Agreement (Turnpoint Medical Devices, Inc.), Employment Agreement (Turnpoint Medical Devices, Inc.)
Option to Have Company Repurchase Stock and Options. If Executive dies while employed, the Company shall, subject to any restrictions contained in any credit or similar agreements or that exist under the California Law, offer to purchase all of Executive’s stock and any outstanding options which are vested at the time of death. If the representative of the Executive’s 's estate wishes to accept such offer, he or she shall request, within six (6) months of death, that the Board determine the fair market value of Executive’s interest in the Company. This value shall be communicated in writing to the representative, and the representative shall have thirty (30) days to accept or reject the valuation. If the valuation is rejected, the representative shall have no further rights to have the interest repurchased by the Company.
Appears in 2 contracts
Samples: Employment Agreement (Cerebain Biotech Corp.), Employment Agreement (Cerebain Biotech Corp.)
