Common use of Purchase and Transfer of Shares Clause in Contracts

Purchase and Transfer of Shares. a. On August 31, 2015 (the “Closing Date”) (i) Seller will exercise the Option in full, (ii) the Company will deliver the Option Shares, and (iii) Seller will transfer and convey back to the Company that certain number of Option Shares (the “Purchase Shares”) that is equal to the sum of the Exercise Price and the Company’s tax withholding obligations in connection with the exercise and purchase of the Option Shares, divided by the purchase price per share of the Company’s common stock as of the closing of the NASDAQ Global Select Market on the Closing Date, free and clear of all security interests, pledges, mortgages, liens, charges and encumbrances. b. After such “cashless exercise” as specified in Section 1(a), (i) Seller will receive documentation evidencing the number of shares of the Company’s common stock equal to the Option Shares less the Purchase Shares, and (ii) the Company will hold the Purchase Shares as treasury stock pursuant to its existing share repurchase program.

Appears in 1 contract

Samples: Stock Purchase Agreement (Teletech Holdings Inc)

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