Common use of Lapse of Repurchase Option Clause in Contracts

Lapse of Repurchase Option. The Shares shall be released from the Company's Repurchase Option as follows: All of the Shares shall be subject to the Repurchase Option as of the Effective Date. Thirty-seven thousand (37,000) of the Shares shall be released from the Repurchase Option on the one-year anniversary of the Effective Date and thirty-seven thousand (37,000) of the Shares shall be released from the Repurchase Option on each of the dates that are 15-, 18- and 21-months following the Effective Date. On the two-year anniversary of the Effective Date, all of the Shares shall be released from the Repurchase Option. Any of the Shares which, from time to time, have not yet been released from the Repurchase Option are referred to herein as "Unreleased Shares."