b. Power of Attorney. Each Owner hereby appoints the Company, through its
Secretary, as his or her agent and attorney-in-fact to execute and deliver all
documents needed to convey his or her Units, if such selling Owner is not present at
the closing. This power of attorney is coupled with an interest and does not terminate
on the Owner's disability or death, and continues for as long as this Agreement is in
effect.
c. Death-Tax Liability. In the case of a sale because of the Seller's death, then
notwithstanding any other provision of this Agreement to the contrary, payment for
the Offered Units shall not be required until the Personal Representative of the Seller
provides a release or other assurances to the reasonable satisfaction of the other
Owners that the other Owners are protected from any liability for death taxes related
to the Offered Units.
d. Escrow of Units. If any portion of the Purchase Price is evidenced by a
promissory note, the certificate(s), if any, for such portion or all of the Offered Units
shall be endorsed in blank, or accompanied by a duly executed, blank stock power,
and delivered, in escrow, to an entity which customarily acts as an escrow agent. The
escrow agent shall hold such documents as security for repayment of the promissory
note. The other Owners shall execute a stock pledge agreement which is reasonably
acceptable to the Seller (or Personal Representative) and the other Owners that grants
the Seller (or Personal Representative) a security interest in such Units. Upon receipt
of notice from the other Owners that the promissory note has been paid in full, the
escrow agent shall deliver all deposited certificates and related stock powers, if any,
to the appropriate other Owners. As long as the other Owners are not in default under
the payment of any promissory note given for the purchase of the Units, the other
Owners will enjoy all of the rights accruing from the ownership of such Units.
Article IV - Endorsement of Certificates
1. Endorsement. If the Company uses certificates to evidence ownership, then promptly
after the date on which each Owner becomes a party to this Agreement, each Owner shall
deliver to the Company's secretary all of his or her certificates. The Company's Secretary
shall endorse them as follows:
The sale, assignment, transfer, pledge, or other disposition of the Units represented
by this Certificate is restricted by the provisions of an Agreement dated
__________________, as amended from time to time, by and among the Owners of
___________________________________ (the "Company"), and with the
Company's consent, a copy of which is on file in the Company's office.
2. Return of Shares. After this endorsement has been placed on the certificates, the
Company shall return them to the Owners.
3. New Units. All certificates for Units issued by the Company to any Owner while this
Agreement is in effect must also bear the above endorsement.