Common use of Repurchase Obligations Clause in Contracts

Repurchase Obligations. 7.1 In the event Xxxx Xxxxx, M.D.’s employment with the Company is terminated under that certain Employment Agreement of even date herewith by and between Xxxx Xxxxx, M.D. and the Company (the “Employment Agreement”) on any ground articulated in Sections 6(b)(i) (but only if such employment is terminated due to Xxxx Xxxxx, M.D.’s failure to devote at least 20 hours per week of his business time and attention to the business of OMP as an employee thereof), 6(b)(ii), 6(b)(iii), 6(b)(iv) or 6(b)(vi) of such Employment Agreement, then the Company may, in its sole discretion, elect to repurchase any shares of Common Stock held by Obagi at the then fair market value per share of such stock if the Company also repurchases any and all Series B Preferred Stock of the Company held by Obagi at a price per share equal to the original price per share paid by Obagi for such shares plus an amount equal to any accrued and unpaid dividends associated with each such share, and in such event Obagi agrees to so sell such Common Stock and Series B Preferred Stock to the Company. The amount to be paid by the Company for each share of Common Stock and Series B Preferred Stock shall be adjusted to give effect to any stock splits, reverse stock splits or recapitalizations effecting such shares.

Repurchase Obligations. 7.1 In the event Xxxx Xxxxx, M.D.’s 's employment with the Company is terminated under that certain Employment Agreement of even date herewith by and between Xxxx Xxxxx, M.D. and the Company (the “"Employment Agreement”") on any ground articulated in Sections 6(b)(i) (but only if such employment is terminated due to Xxxx Xxxxx, M.D.’s 's failure to devote at least 20 hours per week of his business time and attention to the business of OMP as an employee thereof), 6(b)(ii), 6(b)(iii), 6(b)(iv) or 6(b)(vi) of such Employment Agreement, then the Company may, in its sole discretion, elect to repurchase any shares of Common Stock held by Obagi at the then fair market value per share of such stock if IF the Company also repurchases any and all Series B Preferred Stock of the Company held by Obagi at a price per share equal to the original price per share paid by Obagi for such shares plus an amount equal to any accrued and unpaid dividends associated with each such share, and in such event Obagi agrees to so sell such Common Stock and Series B Preferred Stock to the Company. The amount to be paid by the Company for each share of Common Stock and Series B Preferred Stock shall be adjusted to give effect to any stock splits, reverse stock splits or recapitalizations effecting such shares.