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.
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.
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.
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.
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.
Termination of Marital Relationship
