Company's Right of Redemption. Upon membership termination under clauses (1), (2), (5) or (6) in Section 4.7(a), the Company may, at its option purchase the terminated Member’s Units at eighty percent (80%) of the weighted average trailing sale price of the Units for arms length transactions (as reasonably determined by the Board), measured over the six (6) month period immediately preceding the date the Board determines by resolution to purchase the terminated Member’s Units. The Company may exercise the right to purchase the terminated Member’s Units at any time after the membership termination. The Board by resolution may waive the Company’s right to purchase the terminated Member’s Units.
Appears in 6 contracts
Samples: Limited Liability Company Agreement (U. S. Premium Beef, LLC), LLC Agreement, Limited Liability Company Agreement (U. S. Premium Beef, LLC)
Company's Right of Redemption. Upon membership termination under clauses (1), (2), 4) or (5) or (6) in Section 4.7(a4.6(a), the Company may, at its option purchase the terminated Member’s Units at eighty percent (80%) of the weighted average trailing sale price of the Units for arms length transactions (as reasonably determined by the Board), measured over the six (6) month period immediately preceding the date the Board determines by resolution to purchase the terminated Member’s Units. The Company may exercise the right to purchase the terminated Member’s Units at any time after the membership termination. The Board by resolution may waive the Company’s right to purchase the terminated Member’s Units.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Blackhawk Biofuels, LLC), Limited Liability Company Agreement (Ozark Ethanol LLC)
Company's Right of Redemption. Upon membership termination under clauses (1), (2), 4) or (5) or (6) in Section 4.7(a4.6(a), the Company may, at its option purchase the terminated Member’s Units at eighty percent (80%) of the weighted average trailing sale price of the Units for arms length transactions (as reasonably determined by the Board), measured over the six (6) month period immediately preceding the date the Board determines by resolution to purchase the terminated Member’s Units. The Company may exercise the right to purchase the terminated Member’s Units at any time after the membership termination. The Board by resolution may waive the Company’s right to purchase the terminated Member’s Units.
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