Common use of Excluded Transfers Clause in Contracts

Excluded Transfers. The provisions of Sections 3(a), 3(c) and 3(d) above do not apply to (i) any Transfer by a Stockholder of such Stockholders’ Preferred Stock or Common Stock, as applicable, in an Excluded Affiliate Transfer, (ii) any redemption of Series A Preferred Stock by the Company pursuant to the Certificate of Designation of Series A Preferred Stock, or (iii) any Transfer by a Stockholder who is an employee, director or consultant of the Company of such Stockholder’s Common Stock to the Company pursuant to the termination of such Stockholder’s employment with the Company. The provisions of Sections 3(c) and 3(d)(i) above do not apply to any Transfer by a Stockholder of such Stockholders’ Preferred Stock or Common Stock pursuant to an effective registration statement filed under the Securities Act.