Common use of Partial Transfers Following a Qualified Public Offering Clause in Contracts

Partial Transfers Following a Qualified Public Offering. Each Senior Management Investor may, during the one year period commencing on the second anniversary of the first Qualified Public Offering and during each one year period commencing on each succeeding anniversary of such Qualified Public Offering thereafter (each such anniversary being referred to as a "Measurement Date"), Transfer up to 5% of the shares of Vested Purchased Shares and Option Shares beneficially owned by such Senior Management Investor on the applicable Measurement Date, subject to Section 3.1(a) hereof; provided, however, that this provision shall not permit a Senior Management Investor who has already Transferred (pursuant to any provision of this Agreement which permits Transfers by Senior Management Investors) the cumulative number of shares of Common Stock he or she otherwise would be entitled to Transfer pursuant to this Section 3.10 to Transfer any additional shares of Common Stock.