Common use of Management Put Option Clause in Contracts

Management Put Option. (a) If a Manager’s employment with any of the Employer Parties either (i) terminates due to the death of such Manager or (ii) is terminated by any of the Employer Parties as a result of the Disability of such Manager, such Manager and such Manager’s Immediate Family shall have the right, for a period of 90 days following the 180th day after the date of termination of such Manager’s employment, to sell to Echo (or, subject to the prior written approval of MCK, and for all purposes under this Section 6.7, its designated assignee (provided that such approval shall not be required following the MCK Trigger Date)), and Echo (or its designated assignee) shall be required to purchase, subject to the provisions of Section 6.5, on one occasion from such Manager or such Manager’s Immediate Family, all of such Manager’s Echo Shares at a price equal to the Fair Market Value of the Echo Shares being purchased (measured as of the purchase date) (the “Management Put Option”); provided, that the exercise of such right may be delayed by Echo (or its designated assignee) to the extent any such delay is necessary to avoid the application of adverse accounting treatment to Echo (or its designated assignee).