Excess Equity Value definition
Excess Equity Value means, with respect to any Liquidity Event, the product in dollars of:
Excess Equity Value means the amount, if any, by which the Corporation's share of the death benefit received under the Insurance Policy exceeds the cumulative premiums paid by the Corporation with respect to the Insurance Policy.
Excess Equity Value has the meaning set forth in Section 2.10.
Examples of Excess Equity Value in a sentence
This Section 2.11 shall not be applicable and shall be null and void if: (a) a payment of the Excess Equity Value is made or is required to made by JHM or the JHM Trustees to the LTBM Trustees pursuant to Section 2.10 above or (b) the JHM Trustees or their Designee exercise the JHM Option on a date that is after the First Anniversary or (c) the JHM Option expires unexercised.
Upon the second to die of the Director and the Director's spouse, the Corporation shall pay a death benefit (the "Death Benefit") to the Director's Beneficiary within thirty (30) days of the receipt by the Corporation of the proceeds of the Insurance Policy, equal to the Excess Equity Value.
More Definitions of Excess Equity Value
Excess Equity Value means, if positive, Per Share Excess Equity Value multiplied by the number of LTBM Option Shares. Excess Equity Value shall be payable in the same portion of cash and non-cash as are the Sale Event Proceeds. To the extent that the non-cash proportion of the Sale Event Proceeds is composed of securities of companies not listed on a regulated market, the LTBM Trustees will receive the cash equivalent of that non-cash proportion of the Sale Event Proceeds as valued under the definition of "Sale Event Proceeds".