Common use of Purchase of Employee's Stock Upon Termination Without Cause or for Disability Clause in Contracts

Purchase of Employee's Stock Upon Termination Without Cause or for Disability. Upon the termination of the employment of the Employee by the Company without Cause or for Disability, the Employee may require Systems to purchase all but not less than all of the Stock owned by the Employee in accordance with the provisions of this Section 14 of this Agreement. The Employee may exercise such option by notice to Systems given within six (6) months after the termination. Upon the giving of such notice, Systems shall be obligated to purchase and the Employee shall be obligated to sell the Stock at Fair Market Value per share. Systems shall pay the amount due by giving the Employee a promissory note payable in equal monthly installments over the course of 36 months at an interest rate equal to the publicly announced prime rate of interest of M&I Xxxxxxxx & Xxxxxx Bank, changing on each day such prime rate changes.