Common use of Purchase of Stock Upon Termination of Employment Without Cause or for Disability Clause in Contracts

Purchase of Stock Upon Termination of Employment 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 at the time of such termination, and any Transferee may require Systems to purchase all but not less than all of the Stock owned by it at the time of such termination, in accordance with the provisions of this Section 14 of this Agreement. This option may be exercised 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 Person who gave such notice shall be obligated to sell the Stock at Fair Market Value per share. Systems shall pay the amount due by giving such Person 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 & Ilsley Bank, changing on each day such prime rate changes.