Common use of Right to Purchase Shares upon Death of a Spouse or Dissolution of Marriage Clause in Contracts

Right to Purchase Shares upon Death of a Spouse or Dissolution of Marriage. If the spouse of Employee dies or the marriage of Employee is dissolved and, as a result of such death or dissolution, title to or ownership of any interest in any of Employee's Shares in Corporation is transferred to or confirmed in any person other than Employee, then Employee shall have the right and option to purchase from the owner or owners thereof any or all of such Shares transferred to or confirmed in such other persons (the "Marital Shares"), and, if Employee exercises such option as hereinafter provided, such owner or owners shall sell their Marital Shares to Employee at the Stipulated Value per share as determined pursuant to Section 6, below, and upon the terms set forth in Section 7, below. Such option shall be exercisable by written notice from Employee to Corporation and the ex-spouse or the personal representative of the Estate of the ex-spouse at any time within an Option Exercise Period of (a) eighteen (18) months after the date of the spouse's death, or (b) in the event of dissolution of the marriage of Employee, sixty (60) days after the date of entry of any final order, judgment or decree determining the rights, if any, of the spouse in the Marital Shares (the "Dissolution Order"). Notwithstanding the foregoing if, as a result of the death of the Deceased Spouse, a petition for determination of the classification of Shares of the Surviving Spouse is filed in a court of competent jurisdiction before expiration of said eighteen (18) month period after the death of the spouse, then the Option Exercise Period in the event of such death shall be extended until six (6) months after a final determination of such classification. For purposes hereof, a determination of the classification of the Shares of a Surviving Spouse or a Dissolution Order shall be considered "final" when made by a court of competent jurisdiction, the time for appeal of the court's decision has elapsed and no appeal has been taken.