Common use of Buyout Clause in Contracts

Buyout. If the remaining Partners choose to purchase the withdrawing, retiring or deceased Partner’s interest under the preceding paragraphs, that interest will be purchased in: (Check one) ☐ Equal amounts by all remaining Partners ☐ The amounts as decided by all remaining Partners ☐ The amounts as decided by the remaining Partners that wish to purchase Buyout Price Assessment (Check one) ☐ ☐ ☐ ☐ ☐ ☐ The value of the withdrawing, retiring or deceased Partner’s interest is the fair market value as determined by (Check one) the Partnership’s accountant an independent appraiser an independent certified public accountant other: . The purchase price will be equal to the amount in the withdrawing, retiring or deceased Partner’s capital account as of the date of his or her withdrawal, retirement or death, plus or minus the amount in the withdrawing, retiring or deceased Partner’s income account at the end of the month immediately preceding the withdrawal, retirement or death, and adjusted for the withdrawing, retiring, or deceased Partner’s share of the Partnership profits or losses, not previously credited or charged, through the end of the month in which the withdrawal, retirement or death occurred. The purchase price will not include any separate amounts for goodwill, tradename, patents, or other intangible assets. The remaining Partners may continue to use the Partnership tradename. The purchase price will be paid: (Check one) ☐ Without interest ☐ With interest, at the rate of % per annum within months after the date of the withdrawal, retirement or death Restriction on Transfer. No Partner shall transfer, assign, sell, give, pledge, hypothecate or otherwise encumber, or dispose of in any manner any or all of his or her interest in the Partnership without the written consent of all Partners.

Buyout. If the remaining Partners choose to purchase the withdrawing, retiring or deceased Partner’s interest under the preceding paragraphs, that interest will be purchased in: (Check one) ☐ Equal amounts by all remaining Partners ☐ The amounts as decided by all remaining Partners ☐ The amounts as decided by the remaining Partners that wish to purchase Buyout Price Assessment (Check one) ☐ ☐ ☐ ☐ ☐ ☐ The value of the withdrawing, retiring or deceased Partner’s interest is the fair market value as determined by (Check one) ☐ the Partnership’s accountant ☐ an independent appraiser ☐ an independent certified public accountant ☐ other: ______________________________________. ☐ The purchase price will be equal to the amount in the withdrawing, retiring or deceased Partner’s capital account as of the date of his or her withdrawal, retirement or death, plus or minus the amount in the withdrawing, retiring or deceased Partner’s income account at the end of the month immediately preceding the withdrawal, retirement or death, and adjusted for the withdrawing, retiring, or deceased Partner’s share of the Partnership profits or losses, not previously credited or charged, through the end of the month in which the withdrawal, retirement or death occurred. The purchase price will not include any separate amounts for goodwill, tradename, patents, or other intangible assets. The remaining Partners may continue to use the Partnership tradename. The purchase price will be paid: (Check one) ☐ Without interest ☐ With interest, at the rate of __________% per annum within __________ months after the date of the withdrawal, retirement or death Restriction on Transfer. No Partner shall transfer, assign, sell, give, pledge, hypothecate or otherwise encumber, or dispose of in any manner any or all of his or her interest in the Partnership without the written consent of all Partners.death