Common use of No Disposition or Encumbrance of Shares and Options Clause in Contracts

No Disposition or Encumbrance of Shares and Options. Except to the extent set forth in Exhibit B, each Stockholder hereby severally and not jointly covenants and agrees that, from the date hereof to the termination of the rights of Acquiror under this Agreement, it shall not, and shall not offer or agree to, sell, transfer, tender, assign, hypothecate or otherwise dispose of, or create or permit to exist any Encumbrance (as hereinafter defined) on the Shares owned by such Stockholder at any time prior to the Effective Time.