Divorce of Member. If any Member, or such Member's spouse, shall file a petition for divorce or institute any other legal proceedings for the termination of marriage, the following procedures shall apply:
(a) The Member's interest in the Units and spouse’s spousal interest in the Units shall be reflected on their respective inventories of marital and separate assets.
(b) If such Member's spouse is not already a Member of the Company:
(i) the Member shall negotiate and seek, and spouse agrees to accept, an order for the division of marital and separate property such that the Member receives the entire spousal interest in the Units in exchange for awarding to spouse other marital and separate assets in which the Member has an interest that have a value approximately equal to the spousal interest.
(ii) If the marriage of the Member and his or her spouse is terminated by divorce or annulment, and Member does not obtain all of his or her spouse’s interest in the Units incident to the divorce or annulment, then the Member and his or her spouse shall simultaneously give written notice to the Company within thirty (30) days after the effective date of the final, non-appealable divorce decree or of the annulment. The written notice shall specify the effective date of termination of the marriage and the number of Units to which any interest retained by or to be transferred to the Member’s former spouse relates. For a period of 60 days after the effective date of termination of the marriage, and notwithstanding anything to the contrary as may be set forth in an order of court of competent jurisdiction, the Member shall have an exclusive option to purchase all or any portion of his or her former spouse’s retained interest in the Units at the purchase price per Unit determined pursuant to Article XII. The Member’s 60-day option shall be exercised by delivering to his or her former spouse and the Company a written notice specifying the number of Units as to which the option is being exercised. The Members and their respective spouses expressly agree to this provision, as evidenced by their respective signatures on this Agreement.
(iii) If the Member does not purchase all of his or her former spouse’s Units, then for a period of 60 days after the lapse of the Member's 60-day option period, the Company and the remaining Members shall have the obligation to purchase all of the former spouse’s remaining Units at the purchase price determined according to Article XII. As between the Company an...
Divorce of Member. In the event any Member becomes divorced or divides his marital property, and in connection therewith an agreement is entered into or an order is entered granting any Units to the spouse of such Member, then on the date when it is finally determined that such an agreement or order is to be entered into or entered, (i) the Member owning the affected Units shall give the Company and the Other Members written notice thereof promptly upon the occurrence of such event, and (ii) the Company and the Other Members, successively, shall have the right—but not the obligation—to purchase all of such Member’s Units. The Company may elect to purchase all (but not less than all) of such Member’s Units by giving written notice to such Member within 30 days after the date of receipt of such notice from the subject Member. If the Company does not exercise its right to purchase all of such Member’s Units, the Other Members shall have the exclusive right during the period of 20 days next following such 30-day period to purchase (pro rata in accordance with their respective holdings of Units) all (but not less than all) of such Member’s Units by giving written notice to such Member. If the Other Members do not elect to purchase all such Units, any remaining Units may be allocated among the Other Members who have elected to purchase such Units pro rata in accordance with their respective holdings of Units, and such Other Members shall have 10 days following such 20-day period to elect to purchase such remaining Units. Any such notice shall specify the date of closing of the purchase of such Units, such date to be not more than 120 days after the date of such notice. An Offer under this Section 8.03(c) may not be made with respect to any Unit at any time while there is an option pending with respect to such Unit under Section 8.01 or Section 8.03(b), (d), or (e)
