Buy Out Provision. If the Employer terminates the Executive's employment because the business is sold, the Employer will pay to the Executive (1) the Executive's accrued salary and vacation, including the then unused accrued vacation, up to and including the date of termination and (2) the equivalent of two (2) years of the Executive's Base Salary, less applicable deductions and withholdings, pursuant to the Employer's standard pay periods and practices; provided, however, that such payments shall be deemed severance pay and not wages. Such payment shall be made to the Executive as soon as administratively practicable after the termination of the Executive's employment, but no later than two weeks from the date the Executive's employment is so terminated. The Executive shall execute a release of all current or future claims, known or unknown, arising on or before the date of the release, against the Employer and its subsidiaries and the directors, officers, employees and affiliates of any of them, in a form approved by the Employer and (3) the Executive shall be entitled to all stock grants on section 4 which shall be issued upon termination.
Buy Out Provision. At the discretion of the Lessor, the Lessor may offer a buy-out option as of January 1, 2011; the optional fixed purchase price is $15,000.00.
Buy Out Provision. As of December 1, 2008; the optional fixed purchase price is $12,000.00.
Buy Out Provision. Company may purchase at any time, all of the Intellectual Property covered by this License agreement for a purchase price equal to Net Revenues for the preceding 12 calendar months but such amount shall not be less than $5,000,000. For example, if the Net Revenues from the Intellectual Property covered by this License was $7,500,000 then the buy-out amount would be $7,500,000; however, if the Net Revenues from the Intellectual Property covered by this License was $2,500,000 then the buy-out amount would be $5,000,000 SECTION 12.03. Reserved.
Buy Out Provision. (a) If a Termination Notice is given pursuant to Article 12.2 hereof with respect to a Termination Event described in Articles 12.1.3 or 12.1.4, then unless otherwise agreed by the Parties that the provisions of this Article 12.4 shall not apply (in which case the Company shall either be sold on such terms and conditions agreed by the Parties at such time, or failing such agreement, liquidated), or (b) if a Termination Notice is given pursuant to Article 12.2 hereof with respect to a Termination Event described in 12.1.2 hereof and the Parties agree at the time such Termination Notice is given that the provisions of this Article 12.4 should apply to such Termination Event, the Party entitled to provide a notice of termination in Article 12.1 shall have the right to buy the other Party’s interest in the Company at its Fair Market Value.
Buy Out Provision. In the event the Agreement is terminated in accordance ----------------- with Section 10.1 or terminated by VCI in accordance with Section 10.2(b), Client shall pay VCI either of the following amounts (each a "Buy Out Amount") as applicable: (i) during the first twenty-four (24) months following the Effective Date of this Agreement, Five Hundred Thousand ($500,000) Dollars; or (ii) following such initial twenty-four (24) month period, the greater of Three Hundred and Fifty Thousand ($350,000) Dollars, or an amount that shall be equal to five (5) times the aggregate of the Advertising Revenue and E-Commerce Revenue received, accrued or earned by the Client in the twelve (12) months prior to such termination plus Twenty ($20) Dollars for each registered user on the Web Site as of the Exh. 4-2 time of such termination if termination occurs after the initial twenty-four (24) month period and before the completion of seventy-two (72) months, and Ten Dollars ($10) for each registered user if termination occurs any time thereafter, up to a maximum of Two and One-Half Million Dollars ($2,500,000). Notwithstanding the foregoing, the Client's obligation to pay to VCI such amount for each registered user shall apply only upon the sale of the registered user information by the Client and in no event shall the amount paid to VCI by the Client in consideration for the registered users on the Web site exceed more than Ten Percent (10%) of the gross proceeds received by the Client for the sale of its registered user base.
Buy Out Provision. Should the Bank be purchased or merge into a holding company that is independent of the Farmers & Merchants Bank, or should the bank be purchased by another bank, then in that event, if the Executive is terminated for reasons other than those listed in Paragraph 16, then he shall receive one year of his base salary as severance pay. A holding company independent of the Farmers & Merchants Bank shall be a holding company that was not created or authorized to be formed or created by the Farmers & Merchants Bank stockholders or directors.
Buy Out Provision. Company may purchase at any time, all of the Intellectual Property covered by this License agreement for $5,000,000.
Buy Out Provision. If the Employer terminates the Executive’s employment because the business is sold, the Employer will pay to the Executive (1) the Executive’s accrued salary and vacation, including the then unused accrued vacation, up to and including the date of termination and (2) the equivalent of three (3) months of the Executive’s base salary, less applicable deduction and withholdings, pursuant to the Employer’s standard pay periods and practices; provided, however, that such payment shall be deemed severance pay and not wages. Such payment shall be made to the Executive as soon as administratively practicable after the termination of the Executive’s employment, but no later than two weeks from the date of Executive’s employment is so terminated.
Buy Out Provision. The Issuer may, upon not less than 30 days prior written notice to the Collateral Agent and the Noteholders specifying the redemption date and the Issuer’s calculation of the applicable Redemption Premium, redeem all, but not less than all, of the outstanding Notes at a redemption price equal to the outstanding principal amount of the Notes, together with all accrued and unpaid interest thereon through and including the date of payment and the Redemption Premium thereon (the “Redemption Price”). On the redemption date, the Issuer shall pay to each Noteholder the Redemption Price for such Noteholder’s Notes.
