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 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.
Appears in 18 contracts
Samples: Buy Sell Agreement, Sample Buy Sell Agreement, Sample Buy Sell Agreement
