Common use of Escrowed Shares Clause in Contracts

Escrowed Shares. Each of the Selling Shareholders shall escrow twenty percent (20%) of the Common Stock to be issued to such Selling Shareholder to be available for distribution to Purchaser in the event of an Indemnified Claim not paid in cash by the Indemnifying Party. Such escrow shall expire on the date not less than two (2) years and sixty (60) days after the Date of Closing, when there shall be no pending Indemnification Claim for which notice has been given under Section 5.4, and upon such expiration any original share certificates shall be delivered to the owners