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Option Repurchase Agreement.

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Sectors: Manufacturing
Governing Law: California , View California State Laws
Effective Date: May 12, 1997
Related Agreement Types:
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Exhibit 10.20


OPTION PURCHASE AGREEMENT


THIS OPTION PURCHASE AGREEMENT (the "Agreement") is made and entered into as of May 12, 1997, by and among COMMUNITY HEALTH COMPUTING CORP., a Delaware corporation ("CHC"), and ____________________ ("Optionee").


A. CHC previously granted Optionee certain stock options (the "Options") under the CHC Stock Option Plan (1985);


B. The Options give Optionee the right to purchase the number of shares of common stock of CHC set forth in Exhibit 1 at a purchase price of $0.66 per share;


C. The Options expire in July 1997;


D. It was the intent of CHC that, through the grant of the Options, Optionee would be given the opportunity to realize the increased value of the CHC common stock which Optionee's efforts helped produce, and, as of the date hereof, no general plan or program to achieve this goal has been developed;


E. Accordingly, CHC has determined that it is in the best interests of CHC and its shareholders to acquire from Optionee, and Optionee desires to sell to CHC, the Options all on the terms and conditions set forth herein.


NOW, THEREFORE, the parties agree as follows:


1. Closing


The closing (the "Closing") of the transactions contemplated hereby shall be held at the offices of CHC on May 12, 1997, subject to satisfaction or waiver of the conditions to Closing set forth in Section 2 below. At the Closing, Optionee will deliver to CHC Option Agreements representing the Options, and CHC will deliver to Optionee the Purchase Price, net of required payroll withholding taxes. The "Purchase Price" is set forth in Exhibit 1 hereto, is payable in cash at the closing and is based on the fair market value of the CHC common stock underlying the Options of $1.43, as determin
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