Common use of Company’s Right to Purchase upon Involuntary Transfer Clause in Contracts

Company’s Right to Purchase upon Involuntary Transfer. In the event, at any time after the date of this Agreement, of any transfer by operation of law or other involuntary transfer (including death, divorce, legal separation or bankruptcy, but excluding a transfer to Immediate Family as set forth in Section 3.7 above) of all or a portion of the Shares by the Holder, the Company or its assignee(s) shall have an option to purchase all of the Shares transferred at the greater of the purchase price paid by the Holder for such Shares or the Fair Market Value (as defined below) of the Shares on the date of transfer. The Holder or the Holder's executor shall promptly notify the Secretary of the Company in writing of such involuntary transfer. The right to purchase such Shares shall be provided to the Company or its assignee(s) for a period of thirty (30) days following receipt by the Company of such written notice. In the event that the proposed transfer is required by the order, judgment or decision of a court, arbitrator or other third party, the Holder or the Holder's executor shall notify such court, arbitrator or other third party of the Company's rights under this Section 4.1.