Common use of REPURCHASE ON ATTEMPTED TRANSFER Clause in Contracts

REPURCHASE ON ATTEMPTED TRANSFER. In the event the Optionee elects to dispose of any of the Common Stock, the Optionee shall give to the President of the Corporation a signed notice in writing, either delivered by hand, or mailed by registered or certified mail, to the Corporation's principal office: (1) designating the number of shares of the Common Stock to be disposed of; (2) stating the specific manner in which the Optionee proposes to dispose of such shares if they are not purchased by the Corporation pursuant to this Agreement; (3) specifying the names and addresses of the persons to whom the Optionee desires to dispose of such shares to the extent not so purchased by the Corporation; (4) offering to sell such shares to the Corporation; (5) naming the price per share in cash at which the Optionee is willing to sell such shares to the Corporation, which price shall not be greater than the buy-back price as determined herein; and