Executive Put Option Sample Clauses

An Executive Put Option clause grants an executive the right to require the company to repurchase their equity or vested shares under certain conditions, such as termination of employment or a change in control. Typically, the clause outlines the triggering events, the method for determining the repurchase price, and the timeline for exercising the option. This provision provides executives with a measure of financial security and liquidity, ensuring they can realize the value of their equity if their employment ends or the company’s ownership structure changes.
Executive Put Option. Exhibit “C” annexed.
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Executive Put Option. In the event that APCOA has not given notice of its exercise of its options to purchase all of Executive's Percentage Interest in the Company on or before the expiration of the Last Option Period and Executive has not given notice to APCOA, within sixty days after the expiration of the Last Option Period and in the manner required by Section 10.3, of Executive's exercise of its option to purchase all of APCOA's percentage Interest pursuant to Section 10.3, Executive shall then have the option (the "Executive Put Option") to cause APCOA to purchase all, but not less than all, of Executive's percentage Interest. The Executive Put Option shall be exercised within 1 20 days after the expiration of the Last Option Period and, if exercised, shall be effective as of January 1 in the year of exercise. Exercise of the Executive Put Option shall be made by delivery by Executive to APCOA of a written notice of exercise accompanied by an executed Assignment of Limited Liability Company Interest to APCOA covering the entire Percentage Interest of Executive. The Option Price for Executive's Percentage Interest shall be computed as follows: Option Price = [Executive's Member's Percentage Interest] x [5] x [Recast Pretax Profit of the Company for the Prior Fiscal Year] The Option Price shall be paid by APCOA to Executive in two equal annual installments, the first of which shall be due 30 days after the delivery by Executive of its notice of exercise of the Executive Put Option and the second of which shall be due on the first anniversary of such 30-day date. Executive shall cease to be a Member as of January 1 in the year of exercise of the Executive Put Option but shall retain all rights hereunder to receive full payment of the Option Price.
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Related to Executive Put Option

  • Employment Option If the State determines that it would be in the State’s best interest to hire an employee of the Contractor, the Contractor will release the selected employee from any non-competition agreements that may be in effect. This release will be at no cost to the State or the employee.

  • RIGHTS AS A STOCKHOLDER, DIRECTOR, EMPLOYEE OR CONSULTANT The Participant shall have no rights as a stockholder with respect to any shares covered by the Option until the date of the issuance of the shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date the shares are issued, except as provided in Section 9. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment agreement between a Participating Company and the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in this Option Agreement shall confer upon the Participant any right to continue in the Service of a Participating Company or interfere in any way with any right of the Participating Company Group to terminate the Participant’s Service as a Director, an Employee or Consultant, as the case may be, at any time.

  • Exercise Period Upon Death or Disability If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

  • Termination of Repurchase Option Sections 2, 3, 4 and 5 of this Agreement shall terminate upon the exercise in full or expiration of the Repurchase Option, whichever occurs first.

  • Severance and Retirement Options (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars. (ii) Where an employee resigns later than 30 days after receiving notice pursuant to article 14.02(a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of four (4) weeks' salary, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of one thousand two hundred and fifty ($1,250) dollars. (b) Prior to issuing notice of layoff pursuant to article 14.02(a)(ii) in any classification(s), the Hospital will offer early-retirement allowance to a sufficient number of employees eligible for early retirement under HOOPP within the classification(s) in order of seniority, to the extent that the maximum number of employees within a classification who elect early retirement is equivalent to the number of employees within the classification(s) who would otherwise receive notice of layoff under article 14.02(a)(ii). Within thirty (30) days from the date of notice of layoff, an employee who has received notice of layoff of a permanent or long-term nature may retire provided that the employee is eligible to retire under the terms of the Hospitals of Ontario Pension Plan. An employee who chooses this option forfeits her right to notice and will receive severance pay on the basis of two (2) weeks’ pay for each year of service with the Hospital to a maximum of fifty-two (52) weeks on the basis of the employees normal weekly earnings. In addition, full-time employees will receive a lump sum payment equal to $1,000.00 for every year less than age 65, to a maximum of $5,000.00.