Common use of Purchase Rights; Vesting Clause in Contracts

Purchase Rights; Vesting. (a) As of the date hereof, Executive shall have the right to purchase at any time from Holdings Class B equity of Holdings equal to 30% of the total Class B equity of Holdings for an aggregate purchase price of $3,000 and Class C equity of Holdings equal to 15.5% of the total Class C equity of Holdings for an aggregate purchase price of $1,550. Hereafter, Class B and Class C equity collectively shall be referred to as "Incentive Equity"). Within 30 days after each time that Executive exercises its right to purchase Incentive Equity, the Executive will make an effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the regulations promulgated thereunder. The parties hereto agree that the fair market value of the Incentive Equity allocated to Executive as of the initial Employment Agreement date for Class B is $3,000 and as of the Gulf Closing Date for Class C and for a period of at least five business days thereafter is $1,150 and that parties shall use such value for all Federal income tax purposes.

Purchase Rights; Vesting. (a) As of the date hereof, Executive shall have the right to purchase at any time from Holdings Class B equity of Holdings equal to 3010% of the total Class B equity of Holdings for an aggregate purchase price of $3,000 1,000 and Class C equity of Holdings equal to 15.511.50% of the total Class C equity of Holdings for an aggregate purchase price of $1,5501,150. Hereafter, Class B and Class C equity collectively shall be referred to as "Incentive Equity"). Within 30 days after each time that Executive exercises its right to purchase Incentive Equity, the Executive will make an effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the regulations promulgated thereunder. The parties hereto agree that the fair market value of the Incentive Equity allocated to Executive as of the initial Employment Agreement date is $1,000 for Class B is $3,000 and as of the Gulf Closing Date for Class C and for a period of at least five business days thereafter is $1,150 and that parties shall use such value for all Federal income tax purposes.

Purchase Rights; Vesting. (a) As of the date hereof, Executive shall have the right to purchase at any time from Holdings Class B equity of Holdings equal to 3010% of the total Class B equity of Holdings for an aggregate purchase price of $3,000 1,000 and Class C equity of Holdings equal to 15.511.50% of the total Class C equity of Holdings for an aggregate purchase price of $1,5501,150. Hereafter, Class B and Class C equity collectively shall be referred to as "Incentive Equity"). Within 30 days after each time that Executive exercises its right to purchase Incentive Equity, the Executive will make an effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the regulations promulgated thereunder. The parties hereto agree that the fair market value of the Incentive Equity allocated to Executive as of the initial Employment Agreement date for Class B is $3,000 1,000 and as of the Gulf Closing Date for Class C and for a period of at least five business days thereafter is $1,150 and that parties shall use such value for all Federal income tax purposes.

Purchase Rights; Vesting. (a) As of the date hereof, Executive shall have the right to purchase at any time from Holdings Class B equity of Holdings equal to 3015% of the total Class B equity of Holdings for an aggregate purchase price of $3,000 1,500 and Class C equity of Holdings equal to 15.511.50% of the total Class C equity of Holdings for an aggregate purchase price of $1,5501,150. Hereafter, Class B and Class C equity collectively shall be referred to as "Incentive Equity"). Within 30 days after each time that Executive exercises its right to purchase Incentive Equity, the Executive will make an effective election with the Internal Revenue Service under Section 83(b) of the Internal Revenue Code and the regulations promulgated thereunder. The parties hereto agree that the fair market value of the Incentive Equity allocated to Executive as of the initial Employment Agreement date for Class B is $3,000 1,500 and as of the Gulf Closing Date for Class C and for a period of at least five business days thereafter is $1,150 and that parties shall use such value for all Federal income tax purposes.