Common use of Purchase of Company Common Stock Clause in Contracts

Purchase of Company Common Stock. You agree to apply the Initial Payment, which, at your election, shall be net of taxes, toward the purchase of shares of Company common stock on the open market. In order to effectuate the purchase of the Company common stock, the Company will forward the Initial Payment to a Company designated broker in your name. The Company designated broker will use the Initial Payment, less brokerage fees and, at your election, net of taxes, to purchase shares of Company common stock on your behalf and transfer such shares to your account. The Company designated broker will notify you and the Company of the date on which the shares were purchased, the number of shares purchased and the purchase price per share.