Estate of H.A. True, Jr. - Page 282




                                       - 45 -                                         
               within six (6) months after such Shareholder’s death.                  
               * * *                                                                  
                            *   *   *   *   *   *   *                                 
                   2d.  Shareholders’ Required Activities.  In the                    
               event a Shareholder or his or her spouse ceases to                     
               devote all or a substantial part of his or her time to                 
               the business of the company or any one of its                          
               affiliates for any reason, * * * such Shareholder shall                
               be deemed to be the Selling Shareholder and to have                    
               notified the other Shareholders of a desire to sell his                
               or her stock as provided in paragraph 2a unless the                    
               remaining Shareholders unanimously agree to permit such                
               a Shareholder to continue as a Shareholder.                            
                   3.  Buy and Sell Agreement.  The parties hereto                    
               agree that on the occurrence of each and every sale                    
               event, the Selling Shareholder, shall sell to the                      
               Purchasing Shareholders, and the Purchasing                            
               Shareholders shall purchase, in direct proportion to                   
               the interest which each owns in said corporation                       
               represented by stock ownership in the company * * * all                
               of the shares of stock owned by or for the benefit of                  
               the Selling Shareholder or all of the shares offered                   
               for sale by the Selling Shareholder for the purchase                   
               price as set forth in paragraph 4 below.                               
                   4.  Price.  The price of any shares sold hereunder                 
               shall be the book value of the stock at the end of the                 
               preceding fiscal year, less any and all dividends paid                 
               to the Shareholders prior to the effective date of                     
               sale, plus income computed in accordance with the                      
               Internal Revenue regulations generally requiring                       
               allocation on a per share, per day basis.  The book                    
               value of the stock shall be determined in accordance                   
               with the accounting methods and principles customarily                 
               followed by the corporation.  [Emphasis added.]                        
                   5.  Effective Date. The effective date for the                     
               determination of purchase price and transfer of stock                  
               will be the earliest of (A) the date of death of the                   
               Selling Shareholder * * * or (C) the date of notice of                 
               desire to sell as herein defined.  Except that for                     
               purposes of (A) * * * above, if such date falls within                 
               two and one-half (2-1/2) months following the end of a                 
               fiscal year, the effective date will be two and one-                   
               half (2-1/2) months after the end of that fiscal year.                 





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