Common use of Purchase of Options Clause in Contracts

Purchase of Options. In the event the Executive is entitled to liquidated damages upon a Change of Control as provided in Section 11(a) hereof or if the Employment Period is terminated by the Company without Cause, or by the Executive with Good Reason, the Company shall purchase from the Executive, any and all stock options granted by the Company and held by the Executive at the time of termination or Change of Control, whether or not vested, for a price equal to the Option Purchase Amount. The Option Purchase Amount shall mean the average closing bid price of the Company's Common Stock on the Nasdaq Small-Cap market or such other market in which the Company's Common Stock is then traded over five (5) trading days prior to the termination less the exercise price of such options. In the event the Option Purchase Amount is not paid to the Executive within five business days of the occurrence of any triggering event described in the first sentence of this Section 13, the Option Purchase Agreement shall accrue interest at an interest rate of 10% per annum, until the Option Purchase Amount, plus such accrued interest, is paid to the Executive. The Executive shall also continue to receive his Base Salary, and be entitled to all benefits described in Section 5, until payment of the Option Purchase Amount, plus interest, if any, at which time payment of the Base Salary and entitlement to the benefits described in Section 5 shall terminate unless otherwise provided in this Agreement.

Purchase of Options. In the event the Executive is entitled to liquidated damages upon a Change of Control as provided in Section 11(a) hereof or if If the Employment Period is terminated by the Company without Cause, or by the Executive with Good Reason, the Company shall (at Executive's option) purchase from the Executive, any and all stock options granted by the Company and held by the Executive at the time of termination or Change of Controltermination, whether or not vested, for a price equal to the Option Purchase Amount. The Option Purchase Amount shall mean the average closing bid price of the Company's Common Stock on the Nasdaq Small-Cap market or such other market in which the Company's Common Stock is then traded over five (5) trading days prior to the termination less the exercise price of such options. In the event the Option Purchase Amount is not paid to the Executive within five business days of the occurrence of any triggering event described in the first sentence of this Section 13, the Option Purchase Agreement shall accrue interest at an interest rate of 10% per annum, until the Option Purchase Amount, plus such accrued interest, is paid to the Executive. The Executive shall also continue to receive his Base Salary, and be entitled to all benefits described in Section 5, until payment of the Option Purchase Amount, plus interest, if any, at which time payment of the Base Salary and entitlement to the benefits described in Section 5 shall terminate unless otherwise provided in this Agreement.

Purchase of Options. In the event the Executive is entitled to liquidated damages upon a Change of Control as provided in Section 11(a) hereof or if If the Employment Period is terminated by the Company without Cause, or by the Executive with Good Reason, the Company shall (at Executive's option) purchase from the Executive, any and all stock options granted by the Company and held by the Executive at the time of termination or Change of Controltermination, whether or not vested, for a price equal to the Option Purchase Amount. The Option Purchase Amount shall mean the average closing bid price of the Company's Common Stock on the Nasdaq Small-Cap market or such other market in which the Company's Common Stock is then traded over five (5) trading days prior to the termination less the exercise price of such options. In the event the Option Purchase Amount is not paid to the Executive within five business days of the occurrence of any triggering event described in the first sentence of this Section 1314, the Option Purchase Agreement shall accrue interest at an interest rate of 10% per annum, until the Option Purchase Amount, plus such accrued interest, is paid to the Executive. The Executive shall also continue to receive his Base Salary, and be entitled to all benefits described in Section 5, until payment of the Option Purchase Amount, plus interest, if any, at which time payment of the Base Salary and entitlement to the benefits described in Section 5 shall terminate unless otherwise provided in this Agreement.