Common use of Option to Sell Clause in Contracts

Option to Sell. In the event of the death of the Shareholder his personal representatives shall have the option to sell the deceased’s Shares to the Company such option to be exercised by notice in writing served within six months from the date of death or within one month after a grant of representation in respect of the estate of the deceased has been obtained if later or such later time as the Parties shall, by mutual agreement, determine and on the exercise of such option the Company shall purchase the Shares from the deceased Shareholder’s personal representatives.