DEATH OF A SHAREHOLDER. The death of a Shareholder during the continuance of PREIT shall not terminate PREIT’s existence or entitle the legal representative of such Shareholder to any action in the courts or otherwise against the Trust Property, PREIT or the Trustees by virtue of the fact of death alone. The executors, administrators, heirs, legatees or assigns of a deceased Shareholder shall succeed to the rights and be subject to the liabilities of the deceased Shareholder as a holder of Shares.
DEATH OF A SHAREHOLDER. 15.1 On the death of a Shareholder (the “Deceased Shareholder”), all of the shares of the Corporation held by the Deceased Shareholder personally, or through a corporation wholly owned by the Deceased Shareholder, shall vest indefeasibly with the beneficiaries of the estate of the Deceased Shareholder (the “Beneficiaries”) pursuant to the deceased Shareholder’s Last Will and Testament or the intestate succession laws.
DEATH OF A SHAREHOLDER. Section 5;
DEATH OF A SHAREHOLDER. Except as otherwise provided in this Section 2.04 and in Section 2.05 hereof, upon the death of a Shareholder, (a) all of the Shares held by the deceased Shareholder at the time of her death shall be deemed to be Available Shares, (b) the personal representative of the estate of the deceased Shareholder shall be deemed to be a Transferring Shareholder, (c) the Transferring Shareholder (or the Company on behalf of the Transferring Shareholder) shall give the Notice specified in Section 2.02(a) hereof and shall make the Offer to the Company or Offer to Participate as provided in Section 2.02(b) and (c) hereof, respectively, and (d) the rights and obligations of the parties with respect to such Available Shares shall be governed by the provisions of Section 2.02 and 2.03 hereof. Notwithstanding the foregoing, the price of the Available Shares purchased pursuant to this Section 2.04 shall be paid in cash and shall be an amount equal to the fair market value of the Available Shares. The fair market value of the Available Shares shall be mutually agreed upon by the Transferring Shareholder and the Company. If the Transferring Shareholder and the Company cannot agree upon the fair market value of the Available Shares, an independent appraiser mutually selected by the Transferring Shareholder and the Company shall establish the fair market value of the Available Shares. If the Transferring Shareholder and the Company cannot mutually agree upon an independent appraiser, each shall select an independent appraiser and the two independent appraisers so selected shall select a third independent appraiser. The three independent appraisers shall convene as soon as practicable to establish the fair market value of the Available Shares. The decision of a majority of the three independent appraisers with respect to the fair market value of the Available Shares shall be final and binding on the Transferring Shareholder and the Company. Each of the Transferring Shareholder and the Company shall pay half of the costs of the independent appraiser(s) selected pursuant to this Section 2.04.
DEATH OF A SHAREHOLDER. (a) Each Shareholder hereby agrees that if he shall be the first to die of the Shareholders, all of his Shares shall be offered for sale to the Corporation at a Per Share Price determined in accordance with subparagraph 5(b) of this agreement and on the terms contained in this paragraph (and not on the terms contained in subparagraph 5(a) of this agreement).
DEATH OF A SHAREHOLDER. Upon the death of any Shareholder, the Company ---------------------- and, to the extent not exercised by the Company, the surviving Shareholder ("Surviving Shareholder") shall have the option to purchase and redeem, pursuant to Sections 6.1 and 6.2 (the "Purchase Provisions") all of the decedent's Shares. The Company and/or the Surviving Shareholder must exercise the options to purchase and redeem within ninety (90) days of the date of knowledge of decedent's death, or as soon thereafter as decedent's estate shall be legally entitled to effect the transaction; provided, however, that the Right of First -------- ------- Refusal under Section 3, the Company's Co-Sale Rights under Section 4 and Rule 144 sale advance notice provision under Section 5(a) shall remain in effect and be applicable to the Shares of a deceased Shareholder so long as they are held by a "Family Member" of a deceased Shareholder,
DEATH OF A SHAREHOLDER. Within sixty (60) days after the appointment and qualification of the legal representative or representatives of a deceased Shareholder, or within 120 days after the date of death of a deceased Shareholder if no such legal representative is appointed, such legal representative or representatives or the heirs, distributees or beneficiaries of the deceased Shareholder, as the case may be, and each successor in interest to the Shares of the deceased Shareholder, shall sell to the Corporation all of the Shares of the deceased Shareholder. If the Corporation is legally unable to purchase all or any part of the Shares of the deceased Shareholder, each of the other Shareholders shall purchase that portion of the Shares of the deceased Shareholder not purchased by the Corporation as the number of Shares owned by each bears to the total number of Shares owned by all of the Shareholders (other than the deceased Shareholder). Any such purchase by the surviving Shareholders shall be at the same purchase price and upon the same terms and conditions as are provided in Article 3. The purchase price for each of the Shares purchased pursuant to this Article 3 shall be determined in accordance with the provision of Article 6 below. However, in no event shall the total purchase price be less than an amount equal to the proceeds of the life insurance policies on the life of the deceased Shareholder listed in Exhibit B hereto. The following terms and conditions shall apply to the purchase and sale of the Shares of a deceased Shareholder:
DEATH OF A SHAREHOLDER. In the event of the Death of a Shareholder, the following provisions and restrictions shall apply to the deceased Shareholder's Shares, and to all Shares owned by the deceased Shareholder's estate or spouse, including community interest;
DEATH OF A SHAREHOLDER. In the event of death of an owner, the business can suffer a financial setback (key person loss). This problem can be compounded if the surviving shareholders have to take in a new partner, the deceased owner's spouse. He / She may have very little knowledge of the business, but yet expect a salary and profits from the business. Harmonious transition of the business can be accomplished with a buy-sell agreement fully funded with life insurance coverage.
DEATH OF A SHAREHOLDER. In the event of the death of a holder, or of one of the joint holders, of any shares, the Corporation shall not be required to make any entry in the securities register in respect of the death of that person or to make payment of any dividends on such shares except upon production of all such documents as may be required by law and upon compliance with the reasonable requirements of the Corporation and its transfer agents.
