Common use of REPURCHASE ON DEATH, DISABILITY, OR TERMINATION OF EMPLOYMENT Clause in Contracts

REPURCHASE ON DEATH, DISABILITY, OR TERMINATION OF EMPLOYMENT. In the event the Optionee dies or ceases to be employed by the Corporation for any reason, the Corporation shall, within thirty days immediately following the date on which the Optionee's employment terminates, give to the Optionee or the Optionee's legal representative, as the case may be, a signed notice in writing, either delivered by hand, or mailed by registered or certified mail, to the Optionee's last known address: (1) stating that the Corporation has the first right to purchase the Common Stock; (2) designating the number of shares of the Common Stock that the Optionee or the Optionee's legal representative must sell to the Corporation; (3) naming the buy-back price per share in cash at which the Optionee or the Optionee's legal representative is obligated to sell such shares, as determined herein; and (4) stating whether the Corporation elects to exercise its right to repurchase the Common Stock.

REPURCHASE ON DEATH, DISABILITY, OR TERMINATION OF EMPLOYMENT. In the event the Optionee dies or ceases to be employed by the Corporation for any reason, the Corporation shall, within thirty days immediately following the date on which the Optionee's employment terminates, give to the Optionee or the Optionee's legal representative, as the case may be, a signed notice in writing, either delivered by hand, or mailed by registered or certified mail, to the Optionee's last known address: (1) stating that the Corporation has the first right to purchase the Common Stock; , (2) designating the number of shares of the Common Stock that the Optionee or the Optionee's legal representative must sell to the Corporation; (3) naming the buy-back price per share in cash at which the Optionee or the Optionee's legal representative is obligated to sell such shares, as determined herein; and (4) stating whether the Corporation elects to exercise its right to repurchase the Common Stock.