Common use of REPURCHASE ON TERMINATION OF EMPLOYMENT OR DEATH WITH RESPECT TO OPTIONS ACCRUED Clause in Contracts

REPURCHASE ON TERMINATION OF EMPLOYMENT OR DEATH WITH RESPECT TO OPTIONS ACCRUED. BUT NOT EXERCISED. Upon termination of the Optionee's employment, or upon the Optionee's death giving the Optionee, or the Optionee's legal representative, rights to exercise the Option under either Section 3(e) or 3(f)(ii) hereof, the Corporation shall, within thirty days immediately following the date on which the Corporation learns of the Optionee's death or the date on which the Optionee's employment terminates, give to the Optionee or the Optionee's legal representative, as the case may be, a signed notice in writing, either delivered by hand, or mailed by registered or certified mail, to the Optionee's last known address: (i) stating that the Corporation has the first right to purchase the Common Stock subject to the Option; (ii) designating the number of shares of the Common Stock which the Optionee or the Optionee's legal representative has a right to purchase under the Option and the option price per share under this Agreement; (iii) naming the buy-back price per share in cash which the Optionee or the Optionee's legal representative is obligated to sell the shares subject to the Option, as determined herein; and (iv) stating whether the Corporation will exercise its right to repurchase the Common Stock if the Optionee or the Optionee's legal representative exercised the Option.