Upon Divorce Sample Clauses

Upon Divorce. Recognizing that certain Shareholder Spouses and Spouses currently have, or may in the future receive or be awarded an interest in Shares, the following provisions are intended to address the disposition of such Shares in the event of Divorce. Nothing in this Agreement is intended to create a presumption that Shareholder Spouses and Spouses have a right to an ownership interest in or the economic value of Shares upon Divorce. If a Divorce occurs with respect to a Family Agreement Shareholder and a Permitted Transfer to a Permitted Trust is not at that time made by the Family Agreement Shareholder and the Shareholder Spouse or the Spouse of the Family Agreement Shareholder in accordance with the last sentence of this Section 6.2(b), the Family Agreement Shareholder who is a Lineal Descendant and a party to the Divorce shall have the right to purchase any or all Shares awarded to, owned by or held for the benefit of the Shareholder Spouse or the Spouse and of any Stepchildren who are children of the Shareholder Spouse or Spouse (such circumstances being referred to herein as a Spousal Award), on the same terms and conditions and in accordance with the same procedures, except as otherwise provided in this Section 6, that would have applied if the Shareholder Spouse, Spouse or Stepchildren had submitted an Offer Notice to sell such Shares pursuant to Section 4 at the price provided in Section 4.4 and on the terms provided in Section 4.5. If that Lineal Descendant does not exercise his or her purchase right with respect to all of the Shares that were part of the Spousal Award to or for the benefit of the Shareholder Spouse, Spouse or Stepchildren and a Permitted Trust is not created in accordance with the last sentence of this Section 6.2(b), the other Family Permitted Transferees, the ESOP and the Company shall have the right to do so on the same terms and in the same manner as set forth above in Section 6.2(a). In the event that both parties to a Divorce between a Family Agreement Shareholder and a Shareholder Spouse or a Spouse agree, as part of the final Divorce proceedings, to effect a Permitted Transfer of Shares to a Permitted Trust, for the benefit of the former Shareholder Spouse or the former Spouse for a term not to exceed the lifetime of that former Shareholder Spouse or former Spouse, or for the benefit of the Lineal Descendants of the marriage which is being dissolved, the purchase option described in this Section 6.2 shall not apply to such Share...
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Related to Upon Divorce

  • Upon Death In the event of the Executive's death during the term hereof, the Executive's employment hereunder shall immediately and automatically terminate.

  • Procedures Upon Dissolution Upon dissolution of the Company, the Manager shall wind up the business and affairs of the Company and shall cause all property and assets of the Company to be distributed as follows:

  • Payments Upon Death In the event payments are due and owing under this Agreement at the death of the Executive, payment shall be made to such beneficiary as the Executive may designate in writing, or failing such designation, to the executor of his estate, in full settlement and satisfaction of all claims and demands on behalf of the Executive.

  • Distribution upon Dissolution Upon dissolution, the Partnership shall not be terminated and shall continue until the winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of the assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed in the following order:

  • Distributions Upon Dissolution Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows:

  • Distribution of Assets Upon Dissolution In settling accounts after dissolution, the assets of the Company shall be paid in the following order:

  • Order of Payment of Liabilities Upon Dissolution After determining that all debts and liabilities of the Company, including all contingent, conditional or unmatured liabilities of the Company, in the process of winding-up, including, without limitation, debts and liabilities to the Member in the event it is a creditor of the Company to the extent otherwise permitted by law, have been paid or adequately provided for, the remaining assets shall be distributed in cash or in kind to the Member.

  • Liquidation Upon Dissolution Upon the dissolution of the LLC, sole and plenary authority to effectuate the liquidation of the assets of the LLC shall be vested in the Member, which shall have full power and authority to sell, assign and encumber any and all of the LLC’s assets and to wind up and liquidate the affairs of the LLC in an orderly and business-like manner. The proceeds of liquidation of the assets of the LLC distributable upon a dissolution and winding up of the LLC shall be applied in the following order of priority:

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