Common use of REMAINING SHAREHOLDERS' RIGHTS TO PURCHASE Clause in Contracts

REMAINING SHAREHOLDERS' RIGHTS TO PURCHASE. If the Corporation does not elect to purchase all of the Deceased Shareholder's Shares, the Personal Representative shall, within five (5) days after the expiration of the Corporation's right to do so, deliver to the Remaining Shareholders notice of the Deceased Shareholder's death which notice shall specify the number of Shares, if any, which the Corporation has elected to purchase. The Remaining Shareholders shall, for a period of thirty (30) days after the delivery to them of said notice, have the right to purchase such of the Deceased Shareholder's Shares as have not been purchased by the Corporation for the price and on the terms specified in Sections 8.3, 8.4 and 8.5. If the total number of the Shares which the Remaining Shareholders elect to purchase exceeds the number which the Corporation has not purchased, then, within five (5) days following the expiration of the thirty (30)-day period specified in the preceding sentence, the Personal Representative shall so notify each Remaining Shareholder desiring to purchase the Shares and each such Remaining Shareholder shall be entitled to purchase such proportion of the Shares available to be purchased as the number of Shares which he holds bears to the total number of Shares held by all such Remaining Shareholders desiring to purchase the Shares referred to in the notice.