Common use of Procedure For Exercising Lapsing Repurchase Right Clause in Contracts

Procedure For Exercising Lapsing Repurchase Right. In the event the Company exercises the Lapsing Repurchase Right, it shall give the Employee (or the Employee’s Survivors) a written notice specifying the number of Shares which the Company elects to purchase and specifying a date for closing hereunder, which date shall be not less than ten (10) days nor more than sixty (60) days after the date of mailing of such notice, the Employee (or the Employee’s Survivors) shall have no further rights as the owner of the Shares which the Company elects to repurchase from and after the date specified in the notice. The closing shall take place at the Company’s principal office or such other location as the Company may reasonably designate in such notice. At the closing, the Employee (or the Employee’s Survivors) shall deliver (to the extent they are not in the possession of the Company) to the Company the Shares being purchased duly endorsed for transfer against the delivery of the purchase price by the Company. In the event that the Employee (or the Employee’s Survivors) fails to deliver the Shares as required by this Agreement, the Company may elect (x) to establish a segregated account to receive the payments, such account to be turned over to the Employee (or the Employee’s Survivors) upon delivery of the certificates representing such Shares and (y) immediately to take such action as is appropriate to transfer record title of such Shares from the Employee (or the Employee’s Survivors) to the Company and to treat the Employee (or the Employee’s Survivors) and such Shares in all respects as if delivery of the certificates representing such Shares had been made as required by this Agreement. The Employee hereby irrevocably grants the Company a power of attorney for the purpose of effectuating the foregoing.

Procedure For Exercising Lapsing Repurchase Right. In the event the Company exercises the Lapsing Repurchase Right, it shall give the Employee Participant (or the EmployeeParticipant’s Survivors) a written notice specifying the number of Shares which the Company elects to purchase and specifying a date for closing hereunder, which date shall be not less than ten (10) days nor more than sixty (60) days after the date of mailing of such notice, the Employee Participant (or the EmployeeParticipant’s Survivors) shall have no further rights as the owner of the Shares which the Company elects to repurchase from and after the date specified in the notice. The closing shall take place at the Company’s principal office or such other location as the Company may reasonably designate in such notice. At the closing, the Employee Participant (or the EmployeeParticipant’s Survivors) shall deliver (to the extent they are not in the possession of the Company) to the Company the Shares being purchased duly endorsed for transfer against the delivery of the purchase price by the Company. In the event that the Employee Participant (or the EmployeeParticipant’s Survivors) fails to deliver the Shares as required by this Agreement, the Company may elect (x) to establish a segregated account to receive the payments, such account to be turned over to the Employee Participant (or the EmployeeParticipant’s Survivors) upon delivery of the certificates representing such Shares and (y) immediately to take such action as is appropriate to transfer record title of such Shares from the Employee Participant (or the EmployeeParticipant’s Survivors) to the Company and to treat the Employee Participant (or the EmployeeParticipant’s Survivors) and such Shares in all respects as if delivery of the certificates representing such Shares had been made as required by this Agreement. The Employee Participant hereby irrevocably grants the Company a power of attorney for the purpose of effectuating the foregoing.

Procedure For Exercising Lapsing Repurchase Right. In the event the Company exercises the Lapsing Repurchase Right, it shall give the Employee Optionee (or the EmployeeOptionee’s Survivors) a written notice specifying the number of Shares which the Company elects to purchase and specifying a date for closing hereunder, which date shall be not less than ten (10) days nor more than sixty (60) days after the date of mailing of such notice, the Employee . The Optionee (or the EmployeeOptionee’s Survivors) shall have no further rights as the owner of the Shares which the Company elects to repurchase from and after the date specified in the such notice. The closing shall take place at the Company’s principal office or such other location as the Company may reasonably designate in such notice. At the closing, the Employee Optionee (or the EmployeeOptionee’s Survivors) shall deliver (to the extent they are not in the possession of the Company) to the Company the Shares being purchased duly endorsed for transfer against the delivery of the purchase price by the Company. In the event that the Employee Optionee (or the EmployeeOptionee’s Survivors) fails to deliver the Shares as required by this Agreement, the Company may elect (x) to establish a segregated account to receive the payments, such account to be turned over to the Employee Optionee (or the EmployeeOptionee’s Survivors) upon delivery of the certificates representing such Shares and (y) immediately to take such action as is appropriate to transfer record title of such Shares from the Employee Optionee (or the EmployeeOptionee’s Survivors) to the Company and to treat the Employee Optionee (or the EmployeeOptionee’s Survivors) and such Shares in all respects as if delivery of the certificates representing such Shares had been made as required by this Agreement. The Employee Optionee hereby irrevocably grants the Company a power of attorney for the purpose of effectuating the foregoing.