Common use of PURCHASE AND SALE OF EMPLOYEE STOCK Clause in Contracts

PURCHASE AND SALE OF EMPLOYEE STOCK. (a) Upon execution of this Agreement and payment of the Original Purchase Price (as hereinafter defined), the Company will issue to the Employee that number of shares of Class B Common Stock, par value $0.01 per share, of the Company (the "Class B Common Stock") set forth below such Employee's name on the signature page attached hereto, for a purchase price of $0.01 per share (the "Original Purchase Price"). All of such shares of Class B Common Stock purchased by the Employee hereby are referred to herein as "Employee Stock." To secure the Company's rights under the Repurchase Option in Section 3, the Company will retain possession of the certificates representing the Employee Stock and will provide the Employee with copies thereof.