Common use of Repayment of Proceeds Clause in Contracts

Repayment of Proceeds. If Participant engages in Competitive Activity, then Participant shall be required to pay to the Company, within ten business days following the Activity Date, an amount equal to the excess, if any, of (A) the aggregate proceeds Participant received upon the sale or other disposition of Participant's Option Shares, over (B) the aggregate Cost of such Option Shares, it being understood that in the event that the aggregate proceeds Participant received upon the sale or other distribution of Participant's Option Shares consisted of cash (or have since been converted into cash), such repayment to the Company will be made first in cash up to the amount of such cash proceeds with the remainder to be paid to the Company by reducing the outstanding principal amount of any non-cash consideration received by Participant.