Common use of Re-Purchase Procedure Clause in Contracts

Re-Purchase Procedure. The time that a Management Member shall cease to be employed by the Company or any of its Affiliates under circumstances described in Section 14.3(c)(i), shall constitute a Trigger Event. The Management Member shall have the right and option, exercisable at any time within 30 days after a final determination of the Repurchase Fair Market Value of the Membership Interest has been made, to require the Company to purchase all such Management Member’s Membership Interest. Any exercise by such Management Member shall be effected by the giving of written notice to the Company, signed by such Management Member, prior to the end of the 30-day period (and such notice shall be effective when given). Such notice shall indicate the purchase price for such Membership Interest and shall set forth a time and place of closing of the put option by the Company (or its designees), which closing shall be no earlier than 10 days and no later than 30 days after the date of such notice.