- 10 - owns or may hereafter acquire, nor encumber, pledge or hypothecate any of said shares. 2. In the event a Stockholder wishes to sell his shares of the Corporation or any part thereof, he must first offer to sell such shares to the Corporation at the price and on the terms hereinafter set out in Item 3 and 4 hereof and he shall give notice to Corporation of his desire to sell and the Corporation shall have fourteen (14) days after receipt of such notice within which to exercise its option. Upon failure of the Corporation to exercise such option within such time then the other Stockholders shall have and are hereby given their right and option for seven (7) days thereafter to purchase all the shares offered for sale by the selling Stockholder in the proportion of their stockholdings at the price and on the terms hereinafter set forth in Items 3 and 4 hereof. If neither the Corporation nor the other Stockholders exercise the option hereinabove given within the time specified, then said option shall terminate and the party desiring to sell shall be free to sell his shares of the Corporation to others. It is understood and agreed that unless all of the shares which the selling Stockholder has offered for sale are purchased by either the Corporation or the other Stockholders hereinafter provided, then the aforesaid option even if exercised, shall be null and void and the Stockholder shall be free to sell his said shares to others. 3. The purchase price of the shares of the Corporation to be paid by the Corporation or the Stockholder, in the event of any sale as provided for in Item 2 hereof, and as hereinafter set forth, shall be $11,333.30 per share. 4. In the event of a sale, the purchase price of said shares shall be paid with a ten per cent (10%) downpayment within sixty (60) days of the acceptance of the Offer to Purchase, and the remaining balance shall be payable in ten (10) annual installments of equal amounts on the anniversary date of the downpayment. The remaining balance shall bear interest at the rate of five per cent (5%) per annum. The purchasing Corporation or Stockholder, as the case may be, may pre-pay the balance at any time. 5. In the event of the death of a stockholder, he agrees to offer his shares of stock to the CorporationPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011