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Sample Buy Sell Agreement 2

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Sample Buy Sell Agreement 2 Page 3
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provided in this Agreement. The option shall be exercisable by the Shareholders,
according to the provisions of Article 3. If the option is not exercised with regard to all of
the shares owned by the Shareholder, the Shareholder or the Shareholder's successor in
interest will hold the remaining shares subject to this Agreement.
Article V- Sale of Shares on Death
Purchase by Surviving Shareholders
5.01. Within 60 days after the death of any Shareholder, the surviving Shareholders shall, at the
price and on the terms and conditions specified in this Agreement, purchase from the
Decedent's estate all the shares owned by the decedent. The obligation of the surviving
Shareholders to the decedent's estate under this Article shall be joint and several. However
each surviving Shareholder shall have the right and obligation to purchase the available
shares in proportion to his or her existing ownership interests – exclusive of the decedent's
shares at the date of the decedent's death.
Death of Shareholder's Spouse
5.02 The death of a Shareholder's spouse who has never been active in or devoted his or her full
working time to the business of the Corporation shall not be considered the death of a
Shareholder for purposes of this Article.
Method of Payment of Purchase Price
5.03 .The purchase price for the decedent's shares shall be paid to the decedent's estate or the
decedent's successor in interest in a lump sum. The purchase price of the shares shall be
determined in accordance with Article 9.
Article VI. Transfer on Total Disability
Transfer on Disability of Shareholder
6.01. If a Shareholder becomes either physically or mentally disabled for a period of 90 days,
and a physician’s opinion is issued stating that the disability will continue for one year, the
Remaining Shareholders shall have the option, but not the obligation to purchase all of the
shares of the disabled Shareholder within 90 days of that notice. The price and terms shall
be according to Article 3 of this Agreement. If the option is not exercised with regard to
all the shares of the disabled Shareholder, the disabled Shareholder - or the Shareholder's
successor in interest - shall hold the shares subject to the provisions of this Agreement.
Article VII. Transfer on Termination of Employment
Termination of Employment
7.01 If the employment of a Shareholder with the Corporation is terminated for any reason, the
Remaining Shareholders shall have the option, but not the obligation, within 90 days after
receiving notice of the event, to purchase all of the shares of the terminated Shareholder at
the price and on the terms provided in this Agreement and in the manner described in
Article 3. If the option is not exercised with regard to all the shares of the terminated
Sample Buy Sell Agreement 2