Common use of Death, Disability or Termination of Minority Shareholder Clause in Contracts

Death, Disability or Termination of Minority Shareholder. Upon the death, disability or termination of employment of a Minority Shareholder, the Majority Shareholder shall have the option to purchase all or any portion of the shares of stock of the Deceased, Disabled or Terminated Minority Shareholder on the terms and conditions hereinafter set forth. If the Majority Shareholder declines to exercise his option to purchase the stock, in whole or in part, the Corporation shall thereafter have the option to purchase any remaining shares of stock owned by the Deceased, Disabled or Terminated Minority Shareholder. If the Corporation is unwilling or unable to purchase any or all of the remaining shares, the Majority Shareholder shall purchase any and all remaining shares of stock owned by the Deceased, Disabled or Terminated Minority Shareholder. In any case, the Majority Shareholder and the Corporation shall purchase all, but not less than all, of the Deceased, Disabled or Terminated Minority Shareholder's shares of stock.