Common use of Repurchase Procedure Clause in Contracts

Repurchase Procedure. (a) Upon the occurrence of a Forfeiture Event before the Release Date, the Company may exercise the Repurchase Option by delivering to Purchaser (or his permitted transferee or legal representative, as the case may be) within ninety (90) days after the date of the Forfeiture Event (the “Repurchase Period”) (i) written notice of the Company’s election to exercise the Repurchase Option; and (ii) payment of the Purchase Price in cash or by check. Promptly thereafter, the Company and the Purchaser will take all steps necessary to accomplish the transfer of the repurchased Shares to the Company. The Purchaser hereby appoints the Company with full power of substitution, as the Purchaser’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of the Purchaser to take any action and execute all documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such repurchased Shares to the Company. (b) If the Company does not exercise the Repurchase Option within the Repurchase Period with respect to any Forfeiture Event, the Shares will be released from the Repurchase Option with respect to that Forfeiture Event upon the expiration of the Repurchase Period.

Repurchase Procedure. (a) Upon the occurrence of a Forfeiture Event before the Release Date, the Company may exercise the Repurchase Option by delivering to Purchaser (or his her permitted transferee or legal representative, as the case may be) within ninety (90) days after the date of the Forfeiture Event (the “Repurchase Period”) (i) written notice of the Company’s election to exercise the Repurchase Option; and (ii) payment of the Purchase Price in cash or by check. Promptly thereafter, the Company and the Purchaser will take all steps necessary to accomplish the transfer of the repurchased Shares to the Company. The Purchaser hereby appoints the Company with full power of substitution, as the Purchaser’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of the Purchaser to take any action and execute all documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such repurchased Shares to the Company. (b) If the Company does not exercise the Repurchase Option within the Repurchase Period with respect to any Forfeiture Event, the Shares will be released from the Repurchase Option with respect to that Forfeiture Event upon the expiration of the Repurchase Period.