Common use of Equity Purchase Clause in Contracts

Equity Purchase. During the period from July 10, 2000 through and including June 30, 2001, (i) Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, an aggregate of up to $250,000 of Investment Units in LLC consisting of equal numbers of Preferred Interests at a purchase price of $0.6265 per unit and Class A Equity at a purchase price of $0.3735 per unit, and (ii) in the event that Executive exercises his election to purchase any or all of the Investment Units he is entitled to purchase pursuant to Section 1.5(b), Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, additional Investment Units in LLC up to the same aggregate amount as such Investment Units purchased pursuant to Section 1.5(b), payable by a demand note (the "Demand Note") made by Executive to LLC or its designee on the following terms and conditions: (A) interest will accrue on the unpaid amount of the Demand Note at the per annum rate equal to the per annum rate of interest as reported by the Wall Street Journal from time to time as the "prime rate" (the "Prime Rate"); (B) interest will accrue at the per annum rate equal to the Prime Rate plus 2% upon the failure of Executive to pay on demand any unpaid principal amount or unpaid interest on the Demand Note; and (C) the Demand Note will be full recourse to the assets of Executive. The consummation of such purchases will be subject to Executive then being Executive Vice President of Corporate Development and Operations of Precision as of the date of each such purchase. In addition, the Company will cause there to be granted to Executive the opportunity to purchase additional Investment Units in LLC consisting of Preferred Interests and Class A Equity in connection with future additional equity investments in LLC in an amount to be determined by the Company Board in its discretion. The Company will grant or cause there to be granted to Executive, as the case may be, customary "piggyback" registration rights (subject to customary underwriter cutback provisions) with respect to his equity interest in LLC in connection with Public Offerings of Voting Securities of LLC or a Precision Company in which Precision Partners Investment Fund, L.L.C. ("Precision Investors") participates. The parties understand that Executive will be entitled to participate (up to 25% of the Voting Securities then owned by Executive) on a pro rata basis with Precision Investors in any Public Offering of Voting Securities of LLC or a Precision Company in which Precision Investors participates.

Equity Purchase. During the period from July 10, 2000 through and including June 30, 2001, (i) Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, an aggregate of up to $250,000 of Investment Units in LLC consisting of equal numbers of Preferred Interests at a purchase price of $0.6265 per unit and Class A Equity at a purchase price of $0.3735 per unit, and (ii) in the event that Executive exercises his election to purchase any or all of the Investment Units he is entitled to purchase pursuant to Section 1.5(b), Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, additional Investment Units in LLC up to the same aggregate amount as such Investment Units purchased pursuant to Section 1.5(b), payable by a demand note (the "Demand Note") made by Executive to LLC or its designee on the following terms and conditions: (A) interest will accrue on the unpaid amount of the Demand Note at the per annum rate equal to the per annum rate of interest as reported by the Wall Street Journal from time to time as the "prime rate" (the "Prime Rate"); (B) interest will accrue at the per annum rate equal to the Prime Rate plus 2% upon the failure of Executive to pay on demand any unpaid principal amount or unpaid interest on the Demand Note; and (C) the Demand Note will be full recourse to the assets of Executive. The consummation of such purchases will be subject to Executive then being Executive Vice President of Corporate Development and Operations Chief Financial Officer of Precision as of the date of each such purchase. In addition, the Company will cause there to be granted to Executive the opportunity to purchase additional Investment Units in LLC consisting of Preferred Interests and Class A Equity in connection with future additional equity investments in LLC in an amount to be determined by the Company Board in its discretion. The Company will grant or cause there to be granted to Executive, as the case may be, customary "piggyback" registration rights (subject to customary underwriter cutback provisions) with respect to his equity interest in LLC in connection with Public Offerings of Voting Securities of LLC or a Precision Company in which Precision Partners Investment Fund, L.L.C. ("Precision Investors") participates. The parties understand that Executive will be entitled to participate (up to 25% of the Voting Securities then owned by Executive) on a pro rata basis with Precision Investors in any Public Offering of Voting Securities of LLC or a Precision Company in which Precision Investors participates.

Equity Purchase. During the period from July 10December 31, 2000 through and including June 30, 2001, (i) Executive may from time tune to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, an aggregate of up to $250,000 56,325 of Investment Units in LLC consisting of equal numbers of Preferred Interests at a purchase price of $0.6265 per unit and Class A Equity at a purchase price of $0.3735 0.50 per unit, and (ii) in the event that Executive exercises his election to purchase any or all of the Investment Units he is entitled to purchase pursuant to Section 1.5(b1.5(b)(i), Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, additional Investment Units in LLC up to the same aggregate amount as such Investment Units purchased pursuant to Section 1.5(b1.5(b)(i), payable by a demand note (the "Demand NoteDEMAND NOTE") made by Executive to LLC or its designee on the following terms and conditions: (A) interest will accrue on the unpaid amount of the Demand Note at the per annum rate equal to the per annum rate of interest as reported by the Wall Street Journal from time to time as the "prime raterater" (the "Prime RatePRIME RATE"); (B) interest will accrue at the per annum rate equal to the Prime Rate plus 2% upon the failure of Executive to pay on demand any unpaid principal amount or unpaid interest on the Demand Note; and (C) the Demand Note will be full recourse to the assets of Executive. The consummation of such purchases will be subject to Executive then being Executive Vice President of Corporate Development and Operations of Precision as of the date of each such purchase. In addition, the Company will cause there to be granted to Executive the opportunity to purchase additional Investment Units in LLC consisting of Preferred Interests and Class A Equity in connection with future additional equity investments in LLC in an amount to be determined by the Company Board in its discretion. The Company will grant or cause there to be granted to Executive, as the case may be, customary "piggyback" registration rights (subject to customary underwriter cutback provisions) with respect to his equity interest in LLC in connection with Public Offerings of Voting Securities of LLC or a Precision Company in which Precision Partners Investment Fund, L.L.C. ("Precision InvestorsPRECISION INVESTORS") participates. The parties understand that Executive will be entitled to participate (up to 25% of the Voting Securities then owned by Executive) on a pro rata basis with Precision Investors in any Public Offering of Voting Securities of LLC or a Precision Company in which Precision Investors participates.

Equity Purchase. During the period from July 10, 2000 the Effective Date through and including June 30, 2001, (i) Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, an aggregate of up to $250,000 84,487.50 of Investment Units in LLC consisting of equal numbers of Preferred Interests at a purchase price of $0.6265 per unit and Class A Equity at a purchase price of $0.3735 0.50 per unit, and (ii) in the event that Executive exercises his election to purchase any or all of the Investment Units he is entitled to purchase pursuant to Section 1.5(b1.5(b)(i), Executive may from time to time purchase, and upon Executive's election to purchase the Company will cause there to be sold to Executive, additional Investment Units in LLC up to the same aggregate amount as such Investment Units purchased pursuant to Section 1.5(b1.5(b)(i), payable by a demand note (the "Demand NoteDEMAND NOTE") made by Executive to LLC or its designee on the following terms and conditions: (A) interest will accrue on the unpaid amount of the Demand Note at the per annum rate equal to the per annum rate of interest as reported by the Wall Street Journal from time to time as the "prime rate" (the "Prime RatePRIME RATE"); (B) interest will accrue at the per annum rate equal to the Prime Rate plus 2% upon the failure of Executive to pay on demand any unpaid principal amount or unpaid interest on the Demand Note; and (C) the Demand Note will be full recourse to the assets of Executive. The consummation of such purchases will be subject to Executive then being Executive Vice President of Corporate Development and Operations General Counsel of Precision as of the date of each such purchase. In addition, the Company will cause there to be granted to Executive the opportunity to purchase additional Investment Units in LLC consisting of Preferred Interests and Class A Equity in connection with future additional equity investments in LLC in an amount to be determined by the Company Board in its discretion. The Company will grant or cause there to be granted to Executive, as the case may be, customary "piggyback" registration rights (subject to customary underwriter cutback provisions) with respect to his equity interest in LLC in connection with Public Offerings of Voting Securities of LLC or a Precision Company in which Precision Partners Investment Fund, L.L.C. ("Precision InvestorsPRECISION INVESTORS") participates. The parties understand that Executive will be entitled to participate (up to 25% of the Voting Securities then owned by Executive) on a pro rata basis with Precision Investors in any Public Offering of Voting Securities of LLC or a Precision Company in which Precision Investors participates.