Common use of Unvested Option Shares Clause in Contracts

Unvested Option Shares. If the Participant holds Unvested Option Shares and the Participant ceases to be an employee of the Company for any reason (including voluntary or involuntary termination, death or disability), then, in such event, the Company (or its designee, as the case may be) shall have the right (the “Early Exercise Repurchase Right”), exercisable at any time during the ninety (90)-day period (the “Repurchase Period”) following the effective date of the Participant’s termination of employment (the “Termination Date”), to repurchase at the lower of (a) the Fair Market Value of the Unvested Option Shares at the time of the Termination Date, or (b) the Exercise Price per Share of the Unvested Option Shares, without interest (the “Repurchase Price”), any or all of the Unvested Option Shares purchased by the Participant.

Unvested Option Shares. If the Participant holds Unvested Option Shares and the Participant ceases to be an employee employee, consultant or director of the Company for any reason (including voluntary or involuntary termination, death or disability), then, in such event, the Company (or its designee, as the case may be) shall have the right (the “Early Exercise Repurchase Right”), exercisable at any time during the ninety (90)-day period (the “Repurchase Period”) following the effective date of the Participant’s termination of employment or cessation of services (the “Termination Date”), to repurchase at the lower of (a) the Fair Market Value of the Unvested Option Shares at the time of the Termination Date, or (b) the Exercise Price per Share of the Unvested Option Shares, without interest (the “Repurchase Price”), any or all of the Unvested Option Shares purchased by the Participant.