Common use of Mandatory Sale of Shares Clause in Contracts

Mandatory Sale of Shares. (c) In the event that the Company shall make a Mandatory Sale Election, the Company shall purchase, and Employee (or the estate of Employee) shall sell, the Mandatory Sale Shares within 30 days following the date on which the Mandatory Sale Election is received by Employee (or the estate of Employee) (a "Mandatory Sale of Shares"). Employee (or the estate of Employee) shall, against the payment of the Mandatory Sale Purchase Price, deliver the Mandatory Sale Shares to the Company or its assigns free and clear of any Liens accompanied by stock transfer instruments and endorsements satisfactory to the Company. The Chairman of the Board of Directors of the Company is hereby appointed as the attorney-in-fact of Employee (and the estate of Employee) with full power and authority to execute and deliver in the name of Employee (or the estate of Employee) all such documents, certificates, agreements, indemnifications, guarantees, endorsements and instruments, and to take all other actions which the Chairman of the Board of Directors of the Company deems necessary or desirable, in connection with and in furtherance of any Mandatory Sale of Shares.