Common use of Mandatory Sale of Shares Clause in Contracts

Mandatory Sale of Shares. Notwithstanding anything to the contrary set forth herein and as more fully described in Section 5 of the Stockholders' Agreement, if a bona fide offer to purchase eighty-five percent (85%) of the Shares of the Company is received by the Company from an independent third party at a price per Share which is supported by appraisals, and if the holders of eighty-five percent (85%) of the Shares then outstanding have agreed to tender their Shares pursuant to such offer, Employee agrees to sell all Shares that Employee holds on the terms and conditions set forth in such offer.

Mandatory Sale of Shares. Notwithstanding anything to the contrary set forth herein and as more fully described in Section 5 of the Stockholders' Agreement, if a bona fide offer to purchase eighty-five percent (85%) of the Shares of the Company is received by the Company from an independent third party at a price per Share which is supported by appraisals, and if the holders of eighty-five percent (85%) of the Shares then outstanding have agreed to tender their Shares pursuant to such offer, Employee Director agrees to sell all Shares that Employee Director holds on the terms and conditions set forth in such offer.