Member Option. Pursuant to the class action settlement, a Member may choose, upon application for retirement, one of the following two options:
Member Option. Pursuant to the class action settlement, a Lifeguard Member may choose, upon application for retirement, one of the following two options:
Member Option. If the Company declines to exercise the Company Option or exercises the Company Option for less than the entire Interest held by the transferee, LJC, LLC, and each other Member as determined by LJC, LLC, shall have the right but not the obligation (the “Member Options”) during a period beginning upon the first Business Day following expiry of the Company Option Period and ending five (5) Business Days thereafter (the “Member Option Period”), to agree to purchase all or any portion of the Interest held by the transferee and not purchased by the Company on the price and terms determined. Any Member desiring to exercise its Member Option must do so by delivering to the transferee, the Company, and all other Members (other than the Member whose Interest has been subjected to the involuntary Transfer, if applicable) notice of the Percentage Interest that it is willing to purchase prior to the expiration of the Member Option Period. Such notice shall include the duly authorized signature of that Member and shall be deemed to constitute an irrevocable offerto purchase the Percentage Interest specified or any lesser amount determined in accordance with this Paragraph 15.3.
Member Option. Each Member other than the Departing Member and the Departing Member shall have a period of thirty (30) days to negotiate a binding offer and acceptance for the purchase and sale of the Departing Member’s Vested Interests (the “Departing Member’s Vested Interest”). Any offer made by any other Member to the Departing Member shall be a written offer and shall be made by such Member to purchase all, but not part of, the Departing Member’s Vested Interest. During such thirty (30)-day period, the Departing Member shall negotiate in good faith and if it elects to accept an offer of any other Member for all of such Departing Member’s Vested Interest, the Departing Member shall concurrently therewith send to the Company, the other Member whose offer is being accepted (the “Lead Member”) and each other Member, a writing setting forth the acceptance of the offer (subject to each other Members’ right to purchase its Pro Rata Portion of such Departing Member’s Vested Interest as set forth herein), a copy of the offer and an offer by the Departing Member to sell to each other Member its Pro Rata Portion (as defined below) of the Departing Member’s Vested Interest upon equivalent terms as the offer of the Lead Member that has been accepted by the Departing Member. Upon delivering such a notice with respect to any accepted offer, the Departing Member may not thereafter propose, entertain or respond to any offers for or with respect to the Departing Member’s Vested Interest except as required under subsection (B) below. During the five (5)-day period following delivery of the acceptance notice (the “Initial Offer Period”), each Member other than the Lead Member shall have the right, by delivering an irrevocable written offer to the Departing Member and the Company to elect to purchase such Member’s Pro Rata Portion of the Departing Member’s Vested Interest on the terms set forth in the offer made by the Lead Member that has been accepted by the Departing Member. If at the end of the Initial Offer Period not all of the other Members have delivered notices to the Departing Estate and the Company, those Members that have delivered notices (and the Lead Member whose original offer was accepted by the Departing Member) shall have the right during the next five (5) days (the “Second Offer Period”), by delivering a second written offer to the Departing Member and the Company, to elect to purchase all or any portion of the remaining Departing Member’s Vested Interest. If such Mem...
