Common use of Exercise of Repurchase Option Clause in Contracts

Exercise of Repurchase Option. The LLC (by action of the Board) may elect to purchase all or any portion of the Executive Securities permitted to be repurchased by delivering written notice (the "Repurchase Notice") to the holder or holders of the Executive Securities within 90 days after the occurrence of the applicable Repurchase Event. The Repurchase Notice shall set forth the amount, type, and class of Executive Securities (including, if applicable, the amount of Unvested Securities and/or Vested Securities) to be acquired from each such holder (which need not be pro rata among type of security or among Vested Securities and Unvested Securities). The Executive Securities to be repurchased by the LLC shall first be satisfied to the extent possible from the Executive Securities held by Executive at the time of delivery of the Repurchase Notice. If the amount of Executive Securities then held by Executive is less than the total amount of Executive Securities that the LLC has elected to purchase, the LLC shall purchase the remaining securities elected to be purchased from the other holder(s) of Executive Securities (to whom Executive has transferred Executive Securities pursuant to Section 4(c)(i)), pro rata according to the amount of Executive Securities held of record by each such other holder at the time of delivery of the Repurchase Notice. The amount of Unvested Securities and Vested Securities to be repurchased hereunder shall be deemed to be allocated among Executive and the other holders of repurchased Executive Securities (to whom Executive has transferred Executive Securities pursuant to Section 4(c)(i)), if any, pro rata according to the amount of Executive Securities to be purchased from such persons.

Exercise of Repurchase Option. The LLC (by action of the Board) may elect to purchase all or any portion of the Executive Securities permitted to be repurchased by delivering written notice (the "Repurchase Notice") to the holder or holders of the Executive Securities within 90 30 days after the occurrence of the applicable Repurchase Event. The Repurchase Notice shall set forth the amount, type, and class of Executive Securities (including, if applicable, the amount of Unvested Securities and/or Vested Securities) to be acquired from each such holder (which need not be pro rata among type of security or among Vested Securities and Unvested Securities)holder. The Executive Securities to be repurchased by the LLC shall first be satisfied to the extent possible from the Executive Securities held by Executive at the time of delivery of the Repurchase Notice. If the amount of Executive Securities then held by Executive is less than the total amount of Executive Securities that the LLC has elected to purchase, the LLC shall purchase the remaining securities elected to be purchased from the other holder(s) of Executive Securities (to whom Executive has transferred Executive Securities pursuant to Section 4(c)(i))Securities, pro rata according to the amount of Executive Securities held of record by each such other holder at the time of delivery of the Repurchase Notice. The amount of Unvested Securities and Vested Securities to be repurchased hereunder shall be deemed to be allocated among Executive and the other holders of repurchased Executive Securities (to whom Executive has transferred Executive Securities pursuant to Section 4(c)(i)), if any, ) pro rata according to the amount of Executive Securities to be purchased from such persons.