Common use of Procedure for Repurchase Clause in Contracts

Procedure for Repurchase. In the event the Company elects to purchase the Repurchase Shares, the Company shall deliver written notice of such intention to the Terminated Stockholder on or prior to the last day of the third full calendar month following the month in which the employment/consultant relationship of the Terminated Stockholder was terminated (the "Notice of Repurchase"). Upon delivery of the Notice of Repurchase, the Terminated Stockholder shall promptly transfer and deliver to the Company the number of Repurchase Shares specified in the Notice of Repurchase, and the Company shall pay the Repurchase Price for such Repurchase Shares in cash or immediately available funds within ten (10) days of delivery of the Repurchase Shares. The purchase of the Repurchase Shares shall be deemed to have occurred upon delivery of the Repurchase Price, notwithstanding any failure by the Terminated Stockholder to deliver share certificates representing the Repurchase Shares or any dispute regarding the Repurchase Price.

Procedure for Repurchase. In the event If the Company elects to purchase the Repurchase Shares, and to the extent such Repurchase Shares have not yet been repurchased pursuant to Section 4.1, the Company shall deliver written notice of such intention to the Terminated Stockholder on or prior to the last day of the third first full calendar month following the month in which the employment/consultant relationship expiration of the Terminated Stockholder was terminated Put Period (without giving effect to any waiver of the Put Period prior thereto) (the "Notice of Repurchase"). Upon delivery of the Notice of Repurchase, the Terminated Stockholder shall promptly immediately transfer and deliver to the Company the number of Repurchase Shares specified in the Notice of Repurchase, and the Company shall pay the Repurchase Price for such Repurchase Shares in cash or in immediately available funds within ten (10) days six months of delivery of the Repurchase SharesNotice of Repurchase. The purchase of the Repurchase Shares shall be deemed to have occurred upon delivery of the Repurchase Price, notwithstanding any failure by the Terminated Stockholder to deliver share certificates representing the Repurchase Shares or any dispute regarding the Repurchase Price.