Common use of Right of Repayment Clause in Contracts

Right of Repayment. In the event that the Optionee accepts employment with or performs services for a competitor of the Company within one year after the date of exercise of this Option or any portion of it, the Optionee shall pay to the Company an amount equal to the excess of the Fair Market Value of the shares as to which the Option was exercised on the date of exercise over the price paid for such shares; provided, however, that the Compensation Committee or the full Board of Directors, as the case may be, in its discretion may release the Optionee from the requirement to make such payment, if the Compensation Committee or the full Board of Directors, as the case may be, determines that the Optionee’s acceptance of such employment or performance of such services is not inimical to the best interests of the Company. The Company may deduct from any compensation or other amount payable by the Company to the Optionee the amount of payment due under the preceding sentence. For purposes of this Section 13, the term “Company” refers to the Company and all Subsidiaries.