REPURCHASE REQUIREMENT. The Company is hereby obligated (the "Repurchase Requirement"), at any time during the sixty (60) day period following the occurrence of a Repurchase Event, to repurchase as many of the Shares as possible using the entire proceeds of the life insurance policy in the amount set forth in Exhibit A. The Company shall repurchase all Free Trading Shares of the Shareholder before it repurchases any Restricted Shares of the Shareholder. Example: The Shareholder had 100,000 Free Trading Shares for which the repurchase price equaled $400,000 and 100,000 Restricted Shares for which the repurchase price equaled $240,000. The Company had the proceeds of the life insurance policy on the Shareholder of $510,000. Obviously, the Company does not have enough money to buy all of the Stock of the Shareholder. Therefore, the Company must first use $400,000 of the life insurance proceeds to repurchase the 100,000 Free Trading Shares and, second, use the remaining $110,000 of the life insurance proceeds to repurchase as many Restricted Shares as possible with that amount of money (in this case, the Company would repurchase 45,833 of the Restricted Shares, leaving the Shareholder's estate with 54,167 Restricted Shares subject to the Repurchase Right set forth in Section 4 below).
REPURCHASE REQUIREMENT. If, prior to November 1, 1999 (i) the Company terminates the Purchaser's employment for "Cause," or (ii) the Purchaser terminates his employment voluntarily other than for "Good Reason" (as those terms are defined in the Employment Agreement), the Company shall, within 90 days from such termination date, repurchase all (but not less than all) of the Shares that shall constitute the Unreleased Shares (as defined in Section 4) at such time, at the original purchase price of $10.00 per share (the "Repurchase Price"). Such repurchase shall be effected by the Company by written notice to the Purchaser (with a copy to the Escrow Holder) and, at the Company's option, (i) by delivery to the Purchaser with such notice of a check in the amount of the purchase price for the Shares being repurchased, or (ii) by cancellation by the Company of an amount of the Purchaser's indebtedness to the Company equal to the purchase price for the Shares being repurchased, or (iii) by a combination of (i) and (ii) so that the combined payment and cancellation of indebtedness equals the aggregate Repurchase Price. Upon delivery of such notice and the payment of the purchase price in any of the ways described above, the Company shall become the legal and beneficial owner of the Shares being repurchased and all rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Shares being repurchased by the Company.
REPURCHASE REQUIREMENT. In the event the Company for any reason does not redeem shares of Series A Preferred Stock from the Holder as provided in Section 5(b) of the Certificate of Designation, or is prohibited from making such redemption pursuant to Section 5(e)(vi) of the Certificate of Designation, then, on such redemption date, Parent will purchase or cause to be purchased such shares from the Holder in cash for the applicable Liquidation Preference Amount (as defined in the Certificate of Designation). The Holder agrees to transfer any such shares to Parent free and clear of all claims or encumbrances, except for redemption rights of the Company with respect to the shares and the terms of this Agreement.
REPURCHASE REQUIREMENT. If the Property Opening (hereinafter defined) does not occur on or before the second anniversary of the Closing Date, Purchaser shall have the right to require Seller and/or MI to repurchase the Ownership Interest in accordance with the terms and conditions of this Section 12. As used herein, the term "Property Opening" means the satisfaction of each of the following requirements:
REPURCHASE REQUIREMENT. In the event of expiration of this Agreement after the initial term or upon non-renewal of this Agreement, Employee may, at Employee's option, require that the Company purchase all of the shares held by Employee at a cash price per share equal to the book value of the shares (as determined by the Company's regular certified public accountants) as of the effective date of the expiration or non-renewal of this Agreement.
REPURCHASE REQUIREMENT. Xxxxxx, irrevocably and unconditionally agrees that in the event Borrower defaults in any Obligation to Lender, Xxxxxx shall, upon fifteen (15) days prior notice to Xxxxxx from Lender, purchase the Collateral from Lender in the amount of Borrower's outstanding Obligations to Lender. The term "Obligation" shall have the same meaning as set forth in the Stock Pledge Agreement of even date herewith. Upon payment in full of the Obligation, Lender shall deliver the Collateral to Xxxxxx.
REPURCHASE REQUIREMENT. The Company shall purchase the Purchased Units subject to the Repurchase Requirement by delivering a written notice (a “Repurchase Requirement Notice”) to the holder or holders of such Purchased Units within five business days following the Termination Date. The Repurchase Requirement Notice will set forth the number of Purchased Units to be acquired from such holder(s), the aggregate Repurchase Price to be paid for such Purchased Units, and the time and place for the closing of the transaction.
REPURCHASE REQUIREMENT. On May 2, 2015, in the event that for any reason the Company has not raised from unaffiliated persons, between the date of this Agreement and May 1, 2015, gross proceeds of at least $1,200,000 from the sale of stock (but not including sales of convertible notes or conversions of convertible notes), then the Company may repurchase, and Purchaser shall be obligated to sell to the Company, as provided in this Section 5, any and all Shares which on May 2, 2015 are Unvested Shares, at a repurchase price of $0.0001 per Unvested Share.
