Common use of Purchase and Sale of Shares and Options Clause in Contracts

Purchase and Sale of Shares and Options. Subject to the terms and conditions of this Agreement, HUB agrees to purchase and acquire from Lamb and the Lamb Affiliates, and Lamb agrees to sell, assign, transfer and deliver to HUB (or cause the Lamb Affiliates to sell, assign, transfer and deliver to HUB, as the case may be) the Shares and the Options, free and clear of all liens or encumbrances. Lamb represents and warrants that all the Shares were beneficially owned by him or his immediate family for a period of more than six (6) months and that the Shares listed on Exhibit A hereto represent all of the Shares beneficially owned by him and all of the Shares beneficially owned by his family. Lamb represents and warrants that the information with respect to the Options shown on Exhibit B hereto, including the Strike Price per Option, is correct. The purchase and sale of the Shares and the Options shall occur on a date mutually agreed by HUB and Lamb, but not later than July 17, 2000 (the "Closing Date").