Common use of Procedure to Exercise Put/Call Rights Clause in Contracts

Procedure to Exercise Put/Call Rights. To exercise its right to Call Vested Shares, the Company must give notice (“Notice of Put/Call Exercise”) to the Executive (or his/her estate) within the later of (a) 90 days after the date of the Executive’s termination and (b) if the Executive purchases the Vested Shares pursuant to an option exercise after the date of the Executive’s termination, 30 days after the date of such purchase; and the Company must purchase the Vested Shares no later than 10 days after the date of the notice (unless the Executive or his/her estate, in his, her or its discretion, agrees to a longer period). To exercise its right to Put Vested Shares, the Executive or his/her estate must give notice (“Notice of Put/Call Exercise”) to the Company within 395 days after the date of the Executive’s termination. The Company will purchase the Vested Shares no later than 30 days after the date of the notice (unless the Executive or his/her estate, in his, her or its discretion, agrees to a longer period).