Repurchase of Option Shares. If a Forfeiture Event occurs, the Company shall have the absolute right to purchase all or any portion of the Option Shares owned by such Employee (the “Repurchase Shares”), by electing to purchase all or any portion of the Repurchase Shares any time during a time period of nine (9) months after the Forfeiture Event or termination of Participant’s Service, whichever is later, by giving written notice of such exercise to the Employee. The purchase price per share of the Repurchase Shares shall be the Fair Market Value of such shares. If the Company elects to purchase any or all of such Repurchase Shares, it shall be obligated to purchase, and the Employee shall be obligated to sell to the Company, such Repurchase Shares and said sale and purchase shall be closed within 30 days thereafter at the offices of the Company. Such sale shall be effected by the Employee’s (or heirs’ or legal representatives’) delivery to the Company and/or other purchasing shareholders of a certificate or certificates evidencing the Repurchased Shares, duly endorsed for transfer to the Company and/or other purchasing shareholders, against payment to the Employee (or his or her heirs or legal representatives) by the Company and/or other purchasing shareholders of the Purchase Price for each Repurchased Share.
Appears in 6 contracts
Samples: Stock Option Agreement (Applied Optoelectronics, Inc.), Stock Option Agreement (Applied Optoelectronics, Inc.), Stock Option Agreement (Applied Optoelectronics, Inc.)
