Common use of Release of Shares From Repurchase Option Clause in Contracts

Release of Shares From Repurchase Option. (a) One thirty-sixth (1/36) of the Shares shall be released from the Company's repurchase option on January 31, 1998, and one thirty-sixth (1/36) of the Shares shall be released from the Company's repurchase option on the last day of each full calendar month thereafter, provided in each case that the Purchaser's employment by or services to the Company have not been terminated prior to the date of any such release. (b) Any of the Shares which have not yet been released from the Company's repurchase option are referred to herein as "Unreleased Shares." (c) The Shares which have been released from the Company's repurchase option shall be delivered to the Purchaser at the Purchaser's request (see Section 6). (d) Notwithstanding anything set forth in this Section 4, all of the Shares shall be released from the Company's repurchase option described in Section 3 above upon the firmly underwritten initial public offering of the Company's Common Stock, the merger or reorganization of the Company with or into another corporation, entity or person or the sale of all of or substantially all of the Company's assets to another corporation, entity or person, provided that no release of Shares from the Company's repurchase option shall occur pursuant to this Section 4(d) if immediately after such merger, reorganization or sale of assets, at least 51% of the capital stock or equity interests in such other corporation, entity or person are owned by persons who owned in the aggregate at least 51% of the capital stock of the Company immediately before such merger, reorganization or sale of assets.

Release of Shares From Repurchase Option. (a) One thirty-sixth (1/36__________) of the Shares shall be released from the Company's repurchase option Repurchase Option on January 31the first anniversary of the date of their original issuance, 1998, and one thirty-sixth ____________________ (1/36__________) of the Shares shall be released from the Company's repurchase option Repurchase Option on the last day second anniversary of each full calendar month thereafterthe date of their original issuance, and ____________________ (__________) of the Shares shall be released from the Repurchase Option on the third anniversary of the date of their original issuance; provided in each case that the Purchaser's employment by or services Awardee has not ceased to be an employee of the Company have not been terminated prior to before the date of any such release. (b) Any of the Shares which have not yet been released from the Company's repurchase option are referred to herein as "Unreleased Shares." (c) The Shares which have been released from the Company's repurchase option shall be delivered to the Purchaser at the Purchaser's request (see Section 6). (d) Notwithstanding anything set forth in this Section 44(a), all of the Shares shall be released from the Company's repurchase option described in Section 3 above Repurchase Option upon the firmly underwritten initial public offering of the Company's Common Stock, the merger or reorganization consolidation of the Company with or into another corporationcorporation or entity, entity or person or the sale of all of or substantially all of the Company's ’s assets to another corporation, entity or person, ; provided that no release the stockholders of Shares from the Company's repurchase option shall occur pursuant to this Section 4(d, determined immediately before such transaction, own less than fifty percent (50%) if of the voting securities of the surviving or acquiring corporation or entity (or parent thereof) immediately after such merger, reorganization or sale of assets, at least 51% of the capital stock or equity interests in such other corporation, entity or person are owned by persons who owned in the aggregate at least 51% of the capital stock transaction; and provided that Awardee has not ceased to be an employee of the Company immediately before the date of any such merger, reorganization or sale transaction. (c) [RESERVED]. (d) [RESERVED]. (e) Any of assetsthe Shares that have not yet been released from the Repurchase Option are referred to in this Agreement as “Unreleased Shares.” (f) The Shares that have been released from the Repurchase Option shall be delivered to Awardee at Awardee’s request (see Section 6).