Common use of SHARES NOT ACQUIRED BY CORPORATION OR REMAINING SHAREHOLDERS Clause in Contracts

SHARES NOT ACQUIRED BY CORPORATION OR REMAINING SHAREHOLDERS. If all of the Deceased Shareholder's Shares are not purchased by the Corporation and/or the Remaining Shareholders within the applicable time periods specified in this Article VIII, then such Shares as are not acquired may be transferred to such Person or Persons as are specified by the testamentary disposition of the Deceased Shareholder or, if the Deceased Shareholder shall have died intestate, to such Person or Persons as are, under the laws of intestate succession governing the estate of the Deceased Shareholder, entitled to succeed to the Deceased Shareholder's property in such Shares; provided, that any such transferee shall, prior to the transfer of such Shares, execute a counterpart copy of this Agreement, pursuant to which such transferee shall agree to receive and hold such Shares subject to all the provisions and restrictions of this Agreement.