Common use of Gift to Revocable Living Grantor Trust of Shareholder Clause in Contracts

Gift to Revocable Living Grantor Trust of Shareholder. Notwithstanding any other provision contained herein, any Shareholder may, during his lifetime or upon his death, gratuitously transfer part of his shares of stock to a revocable living grantor trust, without the consent of the Corporation or any other Shareholder. No Shareholder may, however, totally divest himself of stock pursuant to this Section by a transfer during his lifetime. Any Shareholder who transfers shares pursuant to this Section 1.4 shall cause his transferee to execute this Agreement if said transferee is not already a party hereto. If any transferee fails to execute this Agreement, the transfer shall be considered as made in violation of this Agreement pursuant to Section 1.1 herein.

Gift to Revocable Living Grantor Trust of Shareholder. Notwithstanding any other provision contained herein, any Shareholder may, during his lifetime or upon his death, gratuitously transfer part of his shares of stock to a revocable living grantor trust, without the consent of the Corporation or any other Shareholder. No Shareholder may, however, totally divest himself of stock pursuant to this Section by a transfer during his lifetime. Any Shareholder who transfers shares pursuant to this Section 1.4 shall cause his transferee to execute this Agreement if said transferee is not already a party hereto. If any transferee fails to execute this Agreement, the transfer shall be considered as made in violation of this Agreement pursuant to Section 1.1 herein.. DEATH, DISABILITY OR EMPLOYMENT TERMINATION