Option to Purchase Shares. Upon the (i) death of the Shareholder, or (ii) declaration of bankruptcy, assignment for the benefit of creditors or similar event regarding the insolvency of a Shareholder, whether voluntary or involuntary, which is not dismissed within sixty (60) days of said declaration, then the following shall apply: the Founder shall have the option to elect to purchase all or any portion of the Shares of the Shareholder referred to in (i) and (ii) above.
Appears in 3 contracts
Sources: Stock Purchase Agreement, Stock Purchase Agreement (InterMetro Communications, Inc.), Founder’s Stock Option Agreement (InterMetro Communications, Inc.)