Common use of Repurchase Right on Termination for Cause Clause in Contracts

Repurchase Right on Termination for Cause. In the event Grantee's employment [OR SERVICE AS A director/consultant] is terminated by the Company "FOR CAUSE" (as defined below), then the Company shall have the right (but not an obligation) to repurchase Shares of Grantee at a price equal to the Price. Such right of the Company to repurchase Shares shall apply to 100% of the Shares for one (1) year from the date of this Agreement; and shall thereafter lapse at the rate of twenty percent (20%) of the Shares on each anniversary of the date of this Agreement. In addition, the Company shall have the right, in the sole discretion of the Board and without obligation, to repurchase upon termination for cause all or any portion of the Shares of Grantee, at a price equal to the fair value of the Shares as of the date of termination, which right is not subject to the foregoing lapsing of rights. Termination of employment [OR SERVICE AS A DIRECTOR/CONSULTANT] "FOR CAUSE" means (i) as to employees and consultants, termination for cause as contemplated by Title 53 of the Delaware Revised Statutes and case law related thereto, or as defined in the Plan, this Agreement or in any employment [OR CONSULTING] agreement between the Company and Grantee, or (ii) as to directors, removal pursuant to the Delaware corporation law. In the event the Company elects to repurchase the Shares, the stock certificates representing the same shall forthwith be returned to the Company for cancellation.

Repurchase Right on Termination for Cause. In the event Grantee's ’s employment [OR SERVICE AS A or service as a director/consultant] is terminated by the Company "FOR CAUSE" “for cause” (as defined below), then the Company shall have the right (but not an obligation) to repurchase purchase Shares of Grantee at a price equal to the PriceOriginal Value. Such right of the Company to repurchase purchase Shares shall apply to 100% of the Shares for one (1) year from the date of this Agreement; and shall thereafter lapse at the rate of twenty percent (20%) of the Shares on each anniversary of the date of this Agreement. In addition, the Company shall have the right, in the sole discretion of the Board and without obligation, to repurchase upon termination for cause all or any portion of the Shares of Grantee, at a price equal to the fair value of the Shares as of the date of termination, which right is not subject to the foregoing lapsing of rights. Termination of employment [OR SERVICE AS A DIRECTORor service as a director/CONSULTANTconsultant] "FOR CAUSE" “for cause” means (i) as to employees and or consultants, termination for cause as contemplated by Title 53 of the Delaware Revised Statutes and case law related thereto, or as defined in the Plan, this Agreement or in any employment [OR CONSULTINGor consulting] agreement between the Company and Grantee, or (ii) as to directors, removal pursuant to the Delaware Nevada corporation law. In the event the Company elects to repurchase purchase the Shares, the stock certificates representing the same shall forthwith be returned to the Company for cancellation.

Repurchase Right on Termination for Cause. In the event Grantee's employment [OR SERVICE AS A or service as a director/consultant] consultant is terminated by the Company "FOR CAUSEfor cause" (as defined below), then the Company shall have the right (but not an obligation) to repurchase purchase Shares of Grantee at a price equal to the PriceOriginal Value. Such right of the Company to repurchase purchase Shares shall apply to 100% of the Shares for one (1) year from the date of this Agreement; and shall thereafter lapse at the rate of twenty percent (20%) of the Shares on each anniversary of the date of this Agreement. In addition, the Company shall have the right, in the sole discretion of the Board and without obligation, to repurchase upon termination for cause all or any portion of the Shares of Grantee, at a price equal to the fair value of the Shares as of the date of termination, which right is not subject to the foregoing lapsing of rights. Termination of employment [OR SERVICE AS A DIRECTORor service as a director/CONSULTANT] consultant "FOR CAUSEfor cause" means (i) as to employees and or consultants, termination for cause as contemplated by Title 53 of the Delaware Revised Statutes and case law related thereto, or as defined in the Plan, this Agreement or in any employment [OR CONSULTING] or consulting agreement between the Company and Grantee, or (ii) as to directors, removal pursuant to the Delaware Nevada corporation law. In the event the Company elects to repurchase purchase the Shares, the stock certificates representing the same shall forthwith be returned to the Company for cancellation.

Repurchase Right on Termination for Cause. In the event Grantee's employment [OR SERVICE AS A or service as a director/consultant] consultant is terminated by the Company "FOR CAUSEfor cause" (as defined below), then the Company shall have the right (but not an obligation) to repurchase Shares of Grantee at a price equal to the Price. Such right of the Company to repurchase Shares shall apply to 100% of the Shares for one (1) year from the date of this Agreement; and shall thereafter lapse at the rate of twenty percent (20%) of the Shares on each anniversary of the date of this Agreement. In addition, the Company shall have the right, in the sole discretion of the Board and without obligation, to repurchase upon termination for cause all or any portion of the Shares of Grantee, at a price equal to the fair value of the Shares as of the date of termination, which right is not subject to the foregoing lapsing of rights. Termination of employment [OR SERVICE AS A DIRECTORor service as a director/CONSULTANT] consultant "FOR CAUSEfor cause" means (i) as to employees and consultants, termination for cause as contemplated by Title 53 of the Delaware Revised Statutes and case law related thereto, or as defined in the Plan, this Agreement or in any employment [OR CONSULTING] or consulting agreement between the Company and Grantee, or (ii) as to directors, removal pursuant to the Delaware Nevada corporation law. In the event the Company elects to repurchase the Shares, the stock certificates representing the same shall forthwith be returned to the Company for cancellation.