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Sample Buy Sell Agreement 2

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Sample Buy Sell Agreement 2 Page 2
the name and address of each proposed transferee
the number of shares or the interest in shares to be transferred
the price per share
the terms of the proposed sale, assignment, or transfer.
Purchase by Remaining Shareholders
3.03. The Remaining Shareholders have the right, but not the obligation, to purchase the offered
shares at the price determined by Article 9 of this Agreement. Within 30 days of
notification of the Proposed Sale, any Shareholder who chooses shall notify the Secretary
of the Corporation of his/her election to purchase a specified number of the offered shares.
Excessive Offers to Purchase
3.04. If the Remaining Shareholders elect to purchase shares in excess of the amount offered,
the available shares shall be allocated according to the same proportion as the existing
shares owned by those shareholders.
3.05. Within 30 days, the Secretary of the Corporation shall notify the shareholders of the final
purchasers of the offered shares. Each shareholder must meet the terms and conditions of
the purchase within ten days after the Shareholder receives the Secretary's notification.
Default of Option by Shareholders
3.06. If the Remaining Shareholders do not purchase all of the shares specified in the Notice of
Proposed Sale, the selling shareholder may sell them to the proposed transferee specified
in the Notice of Proposed Sale on the terms specified in that notice. The transferee will
hold the shares subject to the provision of this Agreement. The selling Shareholder may
not, however, sell any or all of the offered shares to any other person or firm or at any
other price or on any other terms and conditions than those specified in the Notice of
Proposed Sale. Any sale or transfer by any Shareholder in violation of this Article 3 shall
be null and void.
Obligations of Transferees
3.07. Unless this Agreement expressly provides otherwise, each transferee and any subsequent
transferee of the shares of this Corporation, or of any interest in those shares, shall hold the
shares or interest subject to the provisions of this Agreement and shall make no transfers
except as provided in this Agreement. The Secretary of the Corporation shall record these
transfers on the books of the Corporation until an amended copy of this Agreement has
been executed by the transferee. The transferee's failure or refusal to sign an amended
copy of this Agreement does not relieve the transferee of any obligation or restriction
under this Agreement.
Article IV Involuntary Lifetime Transfer of Shares
Involuntary Transfer
4.01. If a Shareholder's shares are transferred involuntarily due to bankruptcy or divorce, 60 days
after notice of the event, the other Shareholders shall have the option, but not the obligation
to purchase all or some of the shares owned by the Shareholder at the price and the terms
Sample Buy Sell Agreement 2