Common use of LLC Option Clause in Contracts

LLC Option. In the event that (i) voluntary proceedings by, or involuntary proceedings against, any Employee are commenced under any provisions of any federal or state law relating to bankruptcy or insolvency, (ii) the LLC Interests of any Employee are attached or garnished, (iii) any judgment is obtained in any action or proceeding against an Employee and the sale of such Employee’s LLC Interest is contemplated under legal process as a result of such judgment, (iv) any execution or other legal process is issued against any Employee or against such Employee’s LLC Interest or (v) any other form of legal proceedings or process is commenced by which the LLC Interests of an Employee may be Transferred, the LLC (or its designee) will have the right, exercisable upon written notice given to such Employee (the “Involuntary Sale Member”), to purchase all but not less than all of the Involuntary Sale Member’s LLC Interest (the “Involuntary Sale Interest”). The closing of the purchase and sale of the Involuntary Sale Interest will occur in accordance with Article XVIII. At such closing, the Involuntary Sale Member shall execute and deliver such instruments as may be reasonably necessary to effectuate such sale. The LLC (or its designee) will pay the purchase price set forth in Section 10.2 to the Involuntary Sale Member upon the payment terms set forth in Section 10.3.