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Stock Transfer Restrictions Professional Corporation
1. Who May Hold Stock. Only (a) the corporation
(Corporation); (b) a stockholder in Corporation; or (c) a person
licensed to practice [nature of practice] in [state] may be a
transferee of Corporation's stock.
2. Consent to Transfer. If stock is to be sold to a
nonstockholder, that sale must be approved by consent of ........
percent (........%) of Corporation's stockholders.
3. Redemption. Corporation will redeem its stock, at book
value, if a stockholder (a) dies; (b) is adjudicated incompetent; (c)
retires; (d) becomes disabled; (e) otherwise terminates his employment;
or (f) is disqualified to practice [nature of practice] in [state].
Book value will be determined by: [basis of book value]. If
Corporation fails to redeem its stock, only a stockholder or a person
licensed to practice [nature of practice] in [state] may purchase
4. Voting Rights. If a stockholder's employment with
Corporation is terminated for any reason, or if a stockholder dies,
becomes disabled, or disqualified to practice [nature of practice] in
[state], then the stockholder or the stockholder's personal
representative will not and does not have the right to vote on matters
relating to Corporation's practice.