Examples of Xxxxxxx & Xxxxxx Group in a sentence
Cause shall mean conduct by the Employee which involves fraud, moral turpitude, willful misconduct, bad faith or commission of a crime that is classified as a felony under New York law and in the reasonable opinion of the Board is injurious to the Company (or its directly or indirectly held Affiliates which shall include Xxxxxxx & Xxxxxx Group, LLC (and its subsidiaries)).
For illustrative purposes only, if there is 100,000,000 units of Xxxxxxx & Xxxxxx Group, LLC outstanding at the time of the initial public offering of Xxxxxxx & Xxxxxx, Inc., then the General Limit shall be based on a sale 1,500,000 units of Xxxxxxx & Xxxxxx Group, LLC.
Therefore, if all of the Shareholders’ (other than Xxxxxxx) indirect ownership in the Xxxxxxx & Xxxxxx Group, LLC’s units is 30,000,000 units, then 5% of each Shareholder’s (other than Xxxxxxx) Vested Shares may be redeemed annually.
A designee of the Company shall have the option to purchase all or a portion of the Unvested Percentage Interest (the “DDR Interest”) owned by each Employee (each a “DDR Selling Member”) (a) on or after February 21, 2015 or (b) earlier, on the date the DDR Selling Member’s employment (with Xxxxxxx & Xxxxxx Group, LLC (or any of its subsidiaries)) is terminated for any reason other than death or Disability.
The Managing Member shall effectuate such redemption by offering to exchange the necessary units of Xxxxxxx & Xxxxxx Group, LLC to Xxxxxxx & Xxxxxx, Inc.