Fill and Sign the Option to Purchase Stock Form

OPTION TO PURCHASE STOCK THIS OPTION IS ENTERED INTO ON THE day of , by and between , hereafter " ", and , hereafter " ", on the terms and for the purposes hereafter set forth.Whereas, is the owner of per cent ( %) of the issued and outstanding shares of a Mississippi corporation, hereafter "the corporation", and is the owner of per cent ( %) of the issued and outstanding shares in the corporation, and Whereas, desires to purchase the shares held by and desires to sell said shares to on the terms provided for herein.THEREFORE, FOR AND IN CONSIDERATION OF DOLLARS ($ ) and other good and valuable consideration the undersigned does hereby grant and convey unto an irrevocable option to purchase all of the shares of the corporation owned by on the following terms:1. PURCHASE PRICE: the purchase price of said shares shall be Dollars ($ ) plus an amount equal to per cent ( %) of the undistributed earnings of the corporation as of the sale date which are taxable to .2. SALE DATE: this option is exercisable at any time from the date hereof until 5555 effects a sale of the corporation or its assets to third parties. may exercise this option by giving three (3) days notice of the sale date to be determined by . At closing shall deliver said shares to in exchange for the Purchase Price. 3. CONDITION PRECEDENT: In no event shall be obligated to sell said shares on the terms hereof unless simultaneous with the sale of said shares the corporation pays in full the corporation's outstanding promissory note held by plus all accrued interest. Upon payment of said note ** agrees to release all security interests in the collateral securing said note including the assets of the corporation and the shares owned by . 4. COOPERATION IN SALE: agrees during the term of this option to vote his/her shares and the shares of pledged to in a manner consistent with 's desires to sell the corporation or its assets. However, in no event shall such sale require to make or provide the purchaser with any representations, warranties or indemnifications.5. NOTICE: Notice to of intent to exercise this option shall be deemed given if given personally to in writing or three (3) days after deposit of written notice in the U. S. Mail postage prepaid, certified, return receipt requested addressed to at . IN WITNESS WHEREOF THE PARTIES HAVE EXECUTED THIS OPTION ON THE DATE FIRST MENTIONED. ____________________________ ______________________________ STATE OF MISSISSIPPICOUNTY OF PERSONALLY appeared before me, the undersigned authority in and for the county and state aforesaid, the within named , who acknowledged to me that (s)he signed and delivered the above and foregoing instrument on the date and year therein mentioned.GIVEN under my hand and official seal, this the day of , . __________________________NOTARY PUBLIC MY COMMISSION EXPIRES: STATE OF MISSISSIPPICOUNTY OF PERSONALLY appeared before me, the undersigned authority in and for the county and state aforesaid, the within named , who acknowledged to me that (s)he signed and delivered the above and foregoing instrument on the date and year therein mentioned.GIVEN under my hand and official seal, this the day of , . __________________________NOTARY PUBLIC MY COMMISSION EXPIRES: