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.
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.