Common use of Lapsing Repurchase Right Clause in Contracts

Lapsing Repurchase Right. Except as set forth in Subsections 2(b), 2(c) and 2(d), in the event for any reason the Officer ceases to be an employee of the Company prior to the third anniversary of the Grant Date, the Company or its designee shall have the option, but not the obligation, to purchase from the Officer (or his successor in interest), and the Officer (or his successor in interest) shall be obligated to sell to the Company or its designee, at a price per Share equal to the Purchase Price, all or any part of the Shares set forth in clauses (i), (ii) and (iii) below (the "Lapsing Repurchase Right"). The Company's Lapsing Repurchase Right shall be valid for a period of six (6) months commencing with the date of such termination. Notwithstanding any other provision hereof, in the event the Company is prohibited during such six (6) months from exercising its Lapsing Repurchase Right by Section 160 of the Delaware General Corporation Law as amended from time to time (or any successor provision) then the time period such Lapsing Repurchase Right may be exercised shall be extended until twenty (20) days after the Company is first not so prohibited.

Lapsing Repurchase Right. Except as set forth in Subsections 2(b), 2(c2.1(b) and 2(d)2.1(c) hereof, in the event that for any reason the Officer ceases to be Participant no longer is an employee employee, director or consultant of the Company prior to the third anniversary of the Grant Dateor an Affiliate, the Company (or its designee designee) shall have the option, but not the obligation, to purchase from the Officer Participant (or his successor in interestthe Participant’s Survivor), and and, in the Officer event the Company exercises such option, the Participant (or his successor in interestthe Participant’s Survivor) shall be obligated to sell to the Company (or its designee), at a price per Granted Share equal to the Purchase Price, all or any part of the Granted Shares set forth in clauses clause (i), (ii) and (iii) ii), below (the "“Lapsing Repurchase Right"”). The Company's ’s Lapsing Repurchase Right shall be valid for a period of six (6) months one year commencing with the date of such terminationtermination of service. Notwithstanding any other provision hereof, in the event the Company is prohibited during such six (6) months one year period from exercising its Lapsing Repurchase Right by Section 160 of the Delaware General Corporation Law as amended from time to time (or any successor provision) ), then the time period during which such Lapsing Repurchase Right may be exercised shall be extended until twenty (20) 30 days after the Company is first not so prohibited.

Lapsing Repurchase Right. Except as set forth in Subsections 2(b)Subsection 3(b) hereof, 2(cand subject to subsections (i) and 2(d)(ii) below, in the event if for any reason the Officer ceases to be Participant no longer is an employee employee, director or consultant of the Company or an affiliate prior to the third anniversary of the Grant DateMay 6, 2010, the Company (or its designee designee) shall have the option, but not the obligation, to purchase from the Officer (or his successor Participant, and, in interest)the event the Company exercises such option, and the Officer (or his successor in interest) Participant shall be obligated to sell to the Company (or its designee), at a price per Granted Share equal to the Purchase Price, all or any part of the Granted Shares as set forth in clauses (i), (ii) and (iiiii) below (the "“Lapsing Repurchase Right"”). The Company's ’s Lapsing Repurchase Right shall be valid for a period of six (6) months one year commencing with the date of such terminationtermination of employment or service. Notwithstanding any other provision hereof, in the event if the Company is prohibited during such six (6) months one year period from exercising its Lapsing Repurchase Right by Section 160 of the Delaware General Corporation Law as amended from time to time (or any successor provision) applicable law, then the time period during which such Lapsing Repurchase Right may be exercised shall be extended until twenty the later of (20a) the end of such one-year period or (b) 30 days after the Company is first not so prohibited.. Notwithstanding the foregoing,