Common use of Procedure for Repurchase Clause in Contracts

Procedure for Repurchase. If any shares of the Common Stock are subject to repurchase as provided in Section 4(b) hereof, and the Corporation shall have exercised its right to repurchase, the Optionee or the Optionee's legal representative shall immediately deliver to the Corporation the certificates for the shares. The certificates shall be voided, and the shares of the Common Stock represented by the certificates shall be thereafter treated on the books of the Corporation as treasury shares. A person required to deliver a certificate for the Common Stock under this section shall be deemed irrevocably to have authorized the voiding of such certificate and the treatment of such Common Stock as treasury shares (regardless whether the certificates are in fact delivered) and irrevocably to have authorized the Board to terminate his status as a shareholder in respect of such shares.