Common use of Purchase and Sale of Shares of Deceased, Disabled or Terminated Shareholder Clause in Contracts

Purchase and Sale of Shares of Deceased, Disabled or Terminated Shareholder. Upon the death of any Minority Shareholder, (hereinafter referred to as the "Deceased Minority Shareholder,") the death of the Majority Shareholder (hereinafter referred to as the "Deceased Majority Shareholder") the physical or mental disability of any Minority Shareholder which results in the inability of the Shareholder to perform his normal duties of employment for the Corporation for a period of three (3) months or more (hereinafter referred to as a "Disabled Minority Shareholder"), or the termination, for any reason, of a Minority Shareholder's employment with the Corporation (hereinafter referred to as the "Terminated Minority Shareholder"), the individuals hereinafter specified shall purchase, and the Deceased, Disabled or Terminated Shareholder, or his legal representative shall sell to said individuals, all of the Corporation's shares of stock owned by the Deceased, Disabled or Terminated Shareholder at the time of his death, disability or termination of employment for the purchase price and upon the terms and conditions hereinafter set forth. The termination of the Majority Shareholder's employment with the Corporation shall not give rise to any rights under this Agreement.