PURCHASE AND SALE OF EMPLOYEE STOCK. (a) Upon execution of this Agreement and payment of the Original Purchase Price (as hereinafter defined), the Company will issue to the Employee that number of shares of Class B Common Stock, par value $0.01 per share, of the Company (the "Class B Common Stock") set forth below such Employee's name on the signature page attached hereto, for a purchase price of $0.01 per share (the "Original Purchase Price"). All of such shares of Class B Common Stock purchased by the Employee hereby are referred to herein as "Employee Stock." To secure the Company's rights under the Repurchase Option in Section 3, the Company will retain possession of the certificates representing the Employee Stock and will provide the Employee with copies thereof.
PURCHASE AND SALE OF EMPLOYEE STOCK. (a) Upon execution of this Agreement, Employee will purchase, and the Company will sell, 50,000 shares of Common Stock at a price of $0.1055 per share. The Company will deliver to Employee the certificates representing such Employee Stock, and Employee will deliver to the Company a check or wire transfer of funds in the aggregate amount of $25.00 and a promissory note in the form of ANNEX A attached hereto in an aggregate principal amount of $5,250.00 (the "EMPLOYEE NOTE"). Employee's obligations under the Employee Note shall be secured by a pledge of all of the shares of Common Stock purchased hereunder to the Company and in connection therewith, Employee shall enter into a pledge agreement in the form of ANNEX B attached hereto.
PURCHASE AND SALE OF EMPLOYEE STOCK. (a) On the Effective Date, the Parent (i) established an equity incentive pool (the “Incentive Equity Pool”), and (ii) granted Employee a number of shares of Common Stock equal to approximately 14.333% of the Equity Incentive Pool (the Effective Date, which is the date upon which such shares of Common Stock were granted, is referred to herein as the “Grant Date”). On the Grant Date, Employee purchased, and the Parent sold, such 1,075,000 shares of Common Stock at a price per share of $0.0517 per share, of which (A) 50% of such shares of Common Stock are referred to herein as “Time-Vested Shares” and (B) 50% of such shares of Common Stock are referred to herein as “Annual-Vested Shares.”
PURCHASE AND SALE OF EMPLOYEE STOCK. (a) Upon execution of this Agreement, Employee will purchase, and the Company will sell (i) [•] shares of Series A Preferred Stock, at a price of $1,000 per share, and [•] shares of Common Stock, at a price of $0.0517 per share and (ii) Employee will deliver to the Company or its designee a cashier’s or certified check or wire transfer of funds in the aggregate amount of $[•], except to the extent that the Company, in its sole discretion, allows Employee to pay for such Employee Stock by offsetting amounts from other bona fide obligations owed to Employee by the Company or any of its Subsidiaries. The issuance of the Employee Stock to Employee hereunder is intended to be exempt from registration under the Securities Act pursuant to Regulation D or Rule 701 thereunder.
