Common use of Death of Shareholder Clause in Contracts

Death of Shareholder. A. Upon the death of the Shareholder, all of the shares of stock in the Corporation owned by said Shareholder and to which he or his personal representatives shall be entitled shall be sold to and purchased by the Corporation from his personal representatives at the net book value and as hereinafter provided, or pursuant to the price set forth in Paragraph 5 of this Agreement. B. The closing of any purchase of the Corporation stock on the sale of the Shareholder shall take place at the office of the Corporation and on a date agreed to by the Corporation and the personal representatives of the deceased Shareholder but in no case more than one hundred eighty (180) days following the date of qualification of the personal representatives of the deceased Shareholder or of the Shareholder.

Death of Shareholder. A. Upon the death of any one of the ShareholderShareholders, all of the shares of stock in the Corporation owned by said Shareholder and to which he or his personal representatives shall be entitled shall be sold to and purchased by the Corporation from his personal representatives at the net book value and as hereinafter provided, or pursuant to the price set forth in Paragraph 5 of this Agreement. B. The closing of any purchase of the Corporation stock on the sale of the Shareholder shall take place at the office of the Corporation and on a date agreed to by the Corporation and the personal representatives of the deceased Shareholder but in no case more than one hundred eighty (180) days following the date of qualification of the personal representatives of the deceased Shareholder or of the Shareholder.