Sample Buy-Sell Agreement Template Page 6
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14When an owner dies, the executor or administrator of the deceased owner's estate,
the trustee of a trust holding the deceased owner's ownership interest, or the
deceased owner's inheritors can require the company and the continuing owners to
buy all, but not less than all, of the deceased owner's interest by delivering to the
company within sixty (60) days a notice of intention to force a sale ("Notice of
Intent to Force a Sale") in writing. The notice shall include the name and address of
the deceased owner, the date of death, a description and amount of the owner's
interest in the company, the name and address of the person exercising the right to
force the sale, and a statement that this person wishes to force a sale of the interest
due to the owner's death as provided in this provision. The price to be paid, the
manner of payments, and other terms of the purchase shall be according to the
"Agreement Price" and "Payment Terms" sections of this agreement. An owner who
has died is referred to as a "deceased owner" below.
Scenario 4. When an Owner's Interest Is Transferred to His or Her Former Spouse
[Check Option 1 if you want the company and owners to have the right to buy a
divorced owner's interest from his or her former spouse.]
[ ]
Option 1: Option of Company and Continuing Owners to Purchase Former
Spouse's Interest
(a)
If, in connection with the divorce or dissolution of the marriage of an owner, a court
issues a decree or order that transfers, confirms, or awards part or all of an
ownership interest to a divorced owner's former spouse, the former spouse is
deemed to have offered the newly acquired ownership interest to the divorced
owner for purchase on the date of the court award or settlement, according to the
terms of this agreement. If the divorced owner does not elect to make such purchase
within thirty (30) days of the date of the court award or settlement, the former
spouse of the divorced owner is deemed to have offered the newly acquired
ownership interest to the company and the co-owners (including the divorced
owner) for purchase, according to the terms of this agreement. The divorced owner
must send notice to the company, in writing, that his or her former spouse now
owns an ownership interest in the company. The notice shall state the name and
Sample Buy-Sell Agreement
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