Common use of Exercise of Repurchase Option Clause in Contracts

Exercise of Repurchase Option. If the Company desires to exercise the Repurchase Option, the Company must give written notice to the Participant or his or her transferee of such exercise at any time during the period commencing on the date of Termination and ending on the date which is one hundred and ninety (190) days after the later of (x) the date of Termination and (y) for each Unvested Share acquired upon the exercise of the Option, the date on which such Unvested Share was acquired. The notice shall set forth the date, time and place the repurchase is to be effected as well as the Repurchase Price; provided that such repurchase shall not occur earlier than six (6) months and one (1) days after the later of the Participant’s receipt of the Unvested Shares pursuant to the early exercise of the Option and the termination of the Participant’s Service. Such date shall not be more than thirty (30) days following the date on which the notice is provided to the Participant or his or her transferee. Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company incurred by the Participant in the purchase of the Unvested Shares. The certificate(s) representing the Unvested Shares being repurchased shall be delivered to the Company upon receipt of payment.