Common use of Repurchase of Vested Shares Clause in Contracts

Repurchase of Vested Shares. If the Employee incurs a termination of employment or other association with the Company and its Affiliates, all or any portion of the Vested Shares, to the extent held by the Employee or any transferee at the time of such termination, may be purchased by the Company, at its option, within ninety (90) days after such termination. If such termination is due to death or Disability or is by the Company other than for Cause or by the Employee for Good Reason, then the amount in cash to be paid for the repurchase of such Vested Shares shall be equal to the Market Value as of the date of such termination multiplied by the number of such Vested Shares. If such termination is by the Company for Cause or by the Employee for any reason other than death, Disability or Good Reason, the amount in cash to be paid for the repurchase of such Vested Shares shall be equal to the aggregate purchase price paid for such Vested Shares, provided, however, if the grant of the Acquired Shares was made without requiring the Employee to pay a purchase price in connection therewith, then no cash shall be paid for the repurchase of such Vested Shares and, instead, the Vested Shares shall be forfeited by the Employee or any permitted transferee. Notwithstanding the foregoing, the Company’s purchase right set forth in this Section 4 shall lapse to the extent the Acquired Shares become readily tradable on a nationally recognized exchange or market.

Repurchase of Vested Shares. If the Employee incurs a termination of employment or other association with the Company and its Affiliates, all or any portion of the Vested Shares, to the extent held by the Employee or any transferee at the time of such termination, may be purchased by the Company, at its option, within ninety (90) days after such termination. If such termination is due to death or Disability or is by the Company other than for Cause or by the Employee for Good Reason, then the amount in cash to .to be paid for the repurchase of such Vested Shares shall be equal to the Market Value as of the date of such termination multiplied by the number of such Vested Shares. If such termination is by the Company for Cause or by the Employee for any reason other than death, Disability or Good Reason, the amount in cash to be paid for the repurchase of such Vested Shares shall be equal to the aggregate purchase price paid for such Vested Shares, provided, however, if the grant of the Acquired Shares was made without requiring the Employee to pay a purchase price in connection therewith, then no cash shall be paid for the repurchase of such Vested Shares and, instead, the Vested Shares shall be forfeited by the Employee or any permitted transferee. Notwithstanding the foregoing, the Company’s purchase right set forth in this Section 4 shall lapse to the extent the Acquired Shares become readily tradable on a nationally recognized exchange or market.