Common use of Method of Repayment Clause in Contracts

Method of Repayment. Promptly following the date Grantee’s Continuous Service terminates, the Grantee shall give written notice to the Company indicating the date on which he or she intends to fulfill the Repayment Requirement (which such date must be a business day within ten (10) days following the date the Grantee’s Continuous Service terminates. Such notice shall be irrevocable. The notice shall indicate whether the Grantee intends to transfer and assign the Unearned Shares or exercise the Cash Value Option. On the date the Repayment Requirement is to be effected, the Grantee shall either assign and transfer to the Company the Unearned Shares, free and clear of all liens and encumbrances, or pay in immediately available funds the amount due pursuant to the Cash Value Option, as applicable. If the Grantee fails to provide such written notice to the Company within the ten business days set forth above, Grantee shall be deemed to have elected to transfer and assign the Unearned Shares back to the Company, and hereby irrevocably appoints the Company as power of attorney to take any and all actions in order to effect such transfer and assignment, including cancellation of the Unearned Shares. The Company may require the Grantee to execute and deliver such documentation as it deems reasonably necessary in connection with the Repayment Requirement.