Termination of Marital Relationship Sample Clauses

Termination of Marital Relationship. (a) If the marital relationship of a Member is terminated by death or divorce and such Member does not succeed to all of such Member's spouse's community or separate interest, if any, in the Membership Interest (such spouse is referred to hereafter in this Article as the “Assignee Spouse”), either as outright owner of such Membership Interest or as a trustee of a trust holding such Membership Interest, whether or not such Member is a beneficiary of such trust, then such Member shall have the option to purchase the Assignee Spouse's interest in the Membership Units to which such Member does not succeed. Such option must be exercised within ninety (90) days after the death of or the Member's divorce from the Assignee Spouse. (b) Any Membership Interest of the Company held by a Member as a trustee of a trust as a result of the death of or the Member's divorce from the Assignee Spouse shall be treated as owned by such Member for purposes of this agreement. If such Member ceases to act as trustee of such trust for any reason, then such Member shall have the option to purchase all of the Membership Units held in such trust. Such option must be exercised within ninety (90) days after such Member ceases to act as trustee of such trust.
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Termination of Marital Relationship. (a) If the marital relationship of a Member is terminated by death or divorce and such Member does not succeed to all of such Member’s spouse’s community or separate interest, if any, in the Membership Interest (such spouse is referred to hereafter in this Article as the “Assignee Spouse”), either as outright owner of such Membership Interest or as a trustee of a trust holding such Membership Interest, whether or not such Member is a beneficiary of such trust, then such Member shall have the option to purchase at Fair Value (determined as of the date of the death or divorce of the Member) the Assignee Spouse’s interest in the Membership Interest to which such Member does not succeed. Such option must be exercised within ninety (90) days after the death of or the Member’s divorce from the Assignee Spouse. Should the Member fail to exercise such option within such 90-day period, then the Company shall have the option to purchase such Membership Interest at Fair Value for a period of ninety (90) after the lapse of the initial 90-day period. (b) Any Membership Interest of the Company held by a Member as a trustee of a trust as a result of the death of or the Member’s divorce from the Assignee Spouse shall be treated as owned by such Member for purposes of this agreement. If such Member ceases to act as trustee of such trust for any reason, then such Member shall have the option to purchase all of the Membership Interest at Fair Value held in such trust. Such option must be exercised within ninety (90) days after such Member ceases to act as trustee of such trust. Should such Member fail to exercise such option within such 90-day period, then the Company shall have the option to purchase such Membership Interest for a period of ninety (90) days after the lapse of the initial 90-day period.
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Termination of Marital Relationship. If the marital relationship of a Shareholder is terminated by divorce and such Shareholder does not succeed to his or her spouse's community interest in the Common Stock, such Shareholder shall have the option to purchase all of his or her spouse's interest in the Common Stock, and his or her spouse shall be obligated to sell such Common Stock. The price per share at which such Common Stock shall be purchased shall be an amount equal to the net book value of one (1) share of such Common Stock as determined under generally accepted accounting principles as of the most recent fiscal year end. Such option must be exercised within ninety (90) days after such divorce. Should such Shareholder fail to exercise such option within such 90-day period, such spouse's community interest in the stock shall be offered to the Other Shareholders, and the provisions of Sections 3.3 through 3.6 shall apply with the exception that the price per share at which the Common Stock shall be purchased shall be the net book value per share of Common Stock as determined under generally accepted accounting principles as of the most recent fiscal year end.
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Termination of Marital Relationship. If a Member's marriage terminates for any reason other than his or her death and the Member does not succeed to his or her spouse's interest in the Units held in such Member's name, then the Member shall have an option to purchase all of his or her spouse's interest in the Units and, upon exercise of such option, his or her spouse or his or her spouse's personal representative, special administrator or other successor in interest (the "Spouse's Personal Representative") shall be obligated to sell the spouse's interest in the Units to the Member. Such option may be exercised in writing within 90 days after the applicable "Termination Event." "Termination Event" means [a] on the death of a spouse, the first to occur of [i] the filing by the Spouse's Personal Representative of a statement to close the estate pursuant to the relevant state's estates closing statute; [ii] the entry of the final judgment in a probate proceeding involving the spouse's estate; and [iii] any other similar order, judgment or other final determination of the deceased spouse's interest in the Units; and [b] on dissolution of the marriage, the entry of any order, judgment or decree determining the rights, if any, of the spouse's interest in the Units. If the Member fails to purchase his or her spouse's interest in the Units within the applicable 90-day period, the Company shall have the option, assignable to the other Members, to purchase the spouse's interest in the Units within a period of 90 days after the lapse of the initial 90-day period. For termination of marriage due to dissolution or his or her spouse's death, the Member shall, within 10 days of such dissolution or death or, if earlier on or before the Termination Event, give notice to the Company of such event. The purchase price for the spouse's interest in the Units shall be the Capital Account balance relating to such Units payable in cash at Closing.
Sample 1
Termination of Marital Relationship. If the marital relationship of a Shareholder is terminated by divorce and such Shareholder does not succeed to his or her spouse's community interest in the Shares, such Shareholder shall have the option to purchase all of his or her spouse's interest in the Shares, and his or her spouse shall be obligated to sell such Shares. The price per share at which such Shares shall be purchased shall be an amount equal to the net book value of one share of such Shares as determined under generally accepted accounting principles. Such option must be exercised within 90 days after such divorce. Should such Shareholder fail to exercise such option within such 90-day period, such failure shall constitute an Offer with respect to the spouse's community interest in the stock, and the provisions of SECTION 2.2 shall apply with the exception that the price per share at which the Shares shall be purchased shall be the net book value per share of Shares as determined under generally accepted accounting principles. The date of the Offer shall be the 91st day after such divorce. Notwithstanding the foregoing, the Board of Directors in its sole discretion may approve the spouse retaining his or her interest in the Shares.
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Termination of Marital Relationship 
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Related to Termination of Marital Relationship

  • Termination of Relationship If Optionee terminates Continuous Status as an Employee or Consultant for any reason, Optionee may exercise this Option during the Termination Period set out in the Notice of Grant, to the extent the Option was vested at the date of such termination. To the extent that Optionee was not vested in this Option at the date on which Optionee terminates Continuous Status as an Employee or Consultant, or if Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

  • Termination of Service Relationship If the Optionee’s Service Relationship terminates, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below.

  • Termination of Employment Relationship A casual employee who has not been called to report for work, or who has been unavailable for work for twelve (12) months, notwithstanding Article 39.03(b), shall cease to be an employee.

  • Termination of Business Relationship If the Optionee's Business Relationship with the Company and all Related Corporations is terminated, other than by reason of death, disability or dissolution as defined in Section 5, no further installments of this option shall become exercisable, and this option shall terminate (and may no longer be exercised) after the passage of 90 days from the date the Business Relationship ceases, but in no event later than the scheduled expiration date. In such a case, the Optionee's only rights hereunder shall be those which are properly exercised before the termination of this option.

  • General Relationship Executive shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations including, but not limited to, laws and regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes.

  • Commercial Relationship The Employee expressly acknowledges that the Employee’s participation in the Program and the Company’s grant of the Award does not constitute an employment relationship between the Employee and the Company. The Employee has been granted the Award as a consequence of the commercial relationship between the Company and the Company’s Subsidiary in Mexico that employs the Employee, and the Company’s Subsidiary in Mexico is the Employee’s sole employer. Based on the foregoing: (a) the Employee expressly acknowledges that the Program and the benefits derived from participation in the Program do not establish any rights between the Employee and the Subsidiary in Mexico that employs the Employee; (b) the Program and the benefits derived from participation in the Program are not part of the employment conditions and/or benefits provided by the Subsidiary in Mexico that employs the Employee; and (c) any modifications or amendments of the Program or benefits granted thereunder by the Company, or a termination of the Program by the Company, shall not constitute a change or impairment of the terms and conditions of the Employee’s employment with the Subsidiary in Mexico.

  • Employment Relationship Employment with the Company is for no specific period of time. Your employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you).

  • Exclusive Relationship USER shall not offer or sell a product or service with the same or similar services as those provided within the COMPANY Program with another entity other than COMPANY in its offices where the COMPANY Product is provided pursuant to this Agreement.

  • No Employment Relationship Whether or not any Options are to be granted under this Plan shall be exclusively within the discretion of the Plan Administrator, and nothing contained in this Plan shall be construed as giving any person any right to participate under this Plan. The grant of an Option shall in no way constitute any form of agreement or understanding binding on the Company or any Related Company, express or implied, that the Company or any Related Company will employ or contract with an Optionee, for any length of time, nor shall it interfere in any way with the Company’s or, where applicable, a Related Company’s right to terminate Optionee’s employment at any time, which right is hereby reserved.

  • At-Will Employment Relationship Executive’s employment with the Company is at-will and not for any specified period and may be terminated at any time, with or without Cause or advance notice, by either Executive or the Company. Any change to the at-will employment relationship must be by specific, written agreement signed by Executive and an authorized representative of the Company. Nothing in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship.

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