Termination of Marital Relationship and Options to Purchase Sample Clauses

Termination of Marital Relationship and Options to Purchase. If the marital relationship of a Member or Permitted Transferee, as the case may be, and his or her Spouse is terminated by the death of the Spouse or by divorce, and if the Member or Permitted Transferee does not receive, or succeed to, any interest of the Spouse in the Units or Unit Equivalents acquired through marital property laws or otherwise, whether by testamentary disposition, operation of law, property settlement agreement, court order or otherwise (each an “Event of Marital Transfer”), then such Member or Permitted Transferee will have the option for ninety (90) days from the date of the applicable Event of Marital Transfer to purchase all, but not less than all, of the Spouse’s interest in the Units or Unit Equivalents at the amount attributable to such Units in the determination of Total Equity Value and on the payment and other terms described in this Section 4.04(b), by giving written notice to the Spouse or representative of the Spouse’s estate, as applicable. If the Member or Permitted Transferee elects to exercise such option, the Spouse or representative of the Spouse’s estate, as the case may be, shall be obligated to sell such interest in the Units or Unit Equivalents pursuant to this Section 4.04(b). If the Member or Permitted Transferee does not elect to exercise such option, the Spouse or representative of the Spouse’s estate, as the case may be, shall notify the Company of the failure to exercise such option, and the Company shall have the option to purchase all, but not less than all, of the Spouse’s interest in the Units or Unit Equivalents at the amount attributable to such Units in the determination of Total Equity Value and on the payment and other terms described in this Section 4.04(b), for sixty (60) days after it receives notice that the option was not exercised. If the Company elects to exercise such option, the Spouse or the personal representative of the Spouse’s estate, as the case may be, shall be obligated to sell such interest in the Units or Unit Equivalents pursuant to this Section 4.04(b) to the Company. The closing resulting from the Event of Marital Transfer shall be on a date determined by the party electing to exercise such purchase option (the “Marital Transferee”) (which in any event shall not be less than thirty (30) days from the date the Martial Transferee provides notice of the exercise of its option).
Sample 1
AutoNDA by SimpleDocs

Related to Termination of Marital Relationship and Options to Purchase

  • Termination of Options The Options, which become exercisable as provided in paragraphs 3 and 4 above, shall terminate and be of no force or effect as follows:

  • Termination of Relationship as a Service Provider If the Optionee ceases to be a Service Provider (other than for death or Disability), this Option may be exercised for a period of three (3) months after the date of such termination (but in no event later than the expiration date of this Option as set forth in the Notice of Grant) to the extent that the Option is vested on the date of such termination. To the extent that the Optionee does not exercise this Option within the time specified herein, the Option shall terminate.

  • 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 Option (a) Any unexercised portion of the Option shall automatically and without notice terminate and become null and void at the time of the earliest to occur of:

  • Termination of Employment and Options Vested Options shall terminate, to the extent not previously exercised, upon the occurrence of the first of the following events:

  • Termination of Services If the Optionee’s services with the Company and all Related Corporations are terminated for any reason (other than death or disability) prior to the Expiration Date, then this Option may be exercised by Optionee, to the extent of the number of Common Shares with respect to which the Optionee could have exercised it on the date of such termination of services, at any time prior to the earlier of (i) the Expiration Date, or (ii) three months after such termination of services. Any part of the Option that was not exercisable immediately before the termination of Optionee’s services shall terminate at that time.

  • Parties; Limitation of Relationship This Agreement shall inure solely to the benefit of, and shall be binding upon, the Underwriters, the Company and the controlling Persons, directors, officers, employees and agents referred to in Sections 7 and 8 hereof, and their respective successors and assigns, and no other Person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of the parties hereto and said controlling Persons and their respective successors, officers, directors, heirs and legal representative, and it is not for the benefit of any other Person. The term “successors and assigns” shall not include a purchaser, in its capacity as such, of Securities from any of the Underwriters.

  • Termination; Rights on Termination Employee's employment may be ---------------------------------- terminated in any one of the followings ways, prior to the expiration of the Term:

  • 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.

  • Restrictions on employment The Borrower shall procure that no Owner employ the Ship owned by it, nor permit her to be employed, outside the cover provided by any obligatory insurances.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!