Common use of Termination Other than for Cause or Voluntary Termination Clause in Contracts

Termination Other than for Cause or Voluntary Termination. If Executive is no longer employed by the Company or any of its subsidiaries as a result of Executive's death or permanent disability (as determined by the Board in its good faith judgment) or Executive's termination by the Company or any of its subsidiaries without Cause, then on or after the Termination Date, the Company may elect to purchase all or any portion of (1) the Vested Units at a price per Unit equal to the Fair Market Value thereof (x) as determined on the Termination Date, if the Repurchase Notice (as defined in paragraph (d) below) has been delivered within three months after the Termination Date, or (y) as determined as of a date determined by the Board within thirty (30) days prior to the delivery of the Repurchase Notice, if the Repurchase Notice is delivered after the third month following the Termination Date and (2) the Unvested Units at a price per unit equal to the lower of their Original Value or the Fair Market Value thereof determined as described in clause (1) above.

Appears in 15 contracts

Samples: 2003 Executive Unit Agreement (Alliance Laundry Systems LLC), 2003 Executive Unit Agreement (Alliance Laundry Systems LLC), 2003 Executive Unit Agreement (Alliance Laundry Systems LLC)

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Termination Other than for Cause or Voluntary Termination. If Executive is no longer employed by the Company or any of its subsidiaries as a result of Executive's ’s death or permanent disability (as determined by the Board in its good faith judgment) or Executive's ’s termination by the Company or any of its subsidiaries without Cause, then on or after the Termination Date, the Company may elect to purchase all or any portion of (1) the Vested Units at a price per Unit equal to the Fair Market Value thereof (x) as determined on the Termination Date, if the Repurchase Notice (as defined in paragraph (d) below) has been delivered within three months after the Termination Date, or (y) as determined as of a date determined by the Board within thirty (30) days prior to the delivery of the Repurchase Notice, if the Repurchase Notice is delivered after the third month following the Termination Date and (2) the Unvested Units at a price per unit equal to the lower of their Original Value or the Fair Market Value thereof determined as described in clause (1) above.

Appears in 5 contracts

Samples: 2003 Executive Unit Agreement (Alliance Laundry Systems LLC), 2003 Executive Unit Agreement (Alliance Laundry Systems LLC), 2003 Executive Unit Agreement (Alliance Laundry Systems LLC)

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Termination Other than for Cause or Voluntary Termination. If --------------------------------------------------------- Executive is no longer employed by the Company or any of its subsidiaries Alliance as a result of Executive's death or permanent disability (as determined by the Board in its good faith judgment) or Executive's termination by the Company or any of its subsidiaries Alliance without Cause, then on or after the Termination Date, the Company may elect to purchase all or any portion of (1) the Purchased Units and the Vested Incentive Units at a price per Unit unit equal to the Fair Market Value thereof (x) as determined on the Termination Date, if the Repurchase Notice (as defined in paragraph (d) below) has been delivered within three months after the Termination Date, or (y) as determined as of a date determined by the Board within thirty (30) days prior to the delivery of the Repurchase Notice, if the Repurchase Notice is delivered after the third month following the Termination Date and (2) the Unvested Incentive Units at a price per unit equal to the lower of their Original Value or the Fair Market Value thereof determined as described in clause (1b)(1) above.

Appears in 1 contract

Samples: Ira and Executive Unit Purchase Agreement (Alliance Laundry Holdings LLC)

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