Common use of Permit Transfer/Sale Clause in Contracts

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 Member status during the fishing year in which the permit transfer occurred must submit a written 20 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 2 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 3 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 4 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 5 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 6 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 7 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 8 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 11 Section 2, above. 15 12 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 13 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 14 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 15 Member status during the fishing year in which the permit transfer occurred must submit a written 20 16 request to the Board for consideration. The Board will have the authority to approve, conditionally 17 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 3 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 4 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 5 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 6 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 7 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 8 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 9 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 10 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 11 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 12 Section 2, above. 15 13 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 14 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 15 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 16 Member status during the fishing year in which the permit transfer occurred must submit a written 20 17 request to the Board for consideration. The Board will have the authority to approve, conditionally 18 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 12 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 13 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 14 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 15 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 16 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 17 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 18 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 19 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 20 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 21 Section 2, above. 15 22 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 23 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 24 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 25 Member status during the fishing year in which the permit transfer occurred must submit a written 20 26 request to the Board for consideration. The Board will have the authority to approve, conditionally 27 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 23 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 24 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery 25 Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” 26 permit to a person who is not an Active Member unless such person assumes all of the 9 transferring 27 Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other 28 than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in 29 accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the 30 balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above.Xxxxxx 15 15.1. 3 15.1 The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no 4 rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 5 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 6 Member status during the fishing year in which the permit transfer occurred must submit a written 20 7 request to the Board for consideration. The Board will have the authority to approve, conditionally 8 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 7 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 8 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 9 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 10 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 11 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 12 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 13 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 14 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 15 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 16 Section 2, above. 15 17 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 18 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 19 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 20 Member status during the fishing year in which the permit transfer occurred must submit a written 20 21 request to the Board for consideration. The Board will have the authority to approve, conditionally 22 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 Member status during the fishing year in which the permit transfer occurred must submit a written 20 request to the Board for consideration. The Board will have the authority to approve, conditionally approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 13 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 14 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 15 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 16 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 17 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 18 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 19 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 20 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 21 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 22 Section 2, above. 15 23 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 24 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 25 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 26 Member status during the fishing year in which the permit transfer occurred must submit a written 20 27 request to the Board for consideration. The Board will have the authority to approve, conditionally 28 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 23 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 24 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, 25 and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to to 26 a person who is not an Active Member unless such person assumes all of the 9 transferring Member’s 27 obligations under this Agreement as of the effective date of such transfer. A 10 person other than a 28 Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with 29 this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the 1 fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such 2 Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 15.1. 3 15.1 The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 no 4 rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 5 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 6 Member status during the fishing year in which the permit transfer occurred must submit a written 20 7 request to the Board for consideration. The Board will have the authority to approve, conditionally 8 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 6 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 7 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 8 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 9 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 10 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 11 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 12 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 13 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 14 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 15 Section 2, above. 15 16 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 17 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 18 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 19 Member status during the fishing year in which the permit transfer occurred must submit a written 20 request to the Board for consideration. The Board will have the authority to approve, conditionally 21 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 25 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 26 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery 27 Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” 28 permit to a person who is not an Active Member unless such person assumes all of the 9 transferring 29 Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other 30 than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in 1 accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the 2 balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above.Sector 15 15.1. 5 15.1 The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no 6 rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 7 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 8 Member status during the fishing year in which the permit transfer occurred must submit a written 20 10 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 6 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 7 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 8 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 9 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 10 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 11 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 12 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 13 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 14 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 15 Section 2, above. 15 16 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 17 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 18 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 19 Member status during the fishing year in which the permit transfer occurred must submit a written 20 request to the Board for consideration. The Board will have the authority to approve, conditionally 21 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 28 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 29 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 30 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 1 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 2 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 3 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 4 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 5 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 6 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 7 Section 2, above. 15 8 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 9 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 10 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 11 Member status during the fishing year in which the permit transfer occurred must submit a written 20 12 request to the Board for consideration. The Board will have the authority to approve, conditionally 13 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 15.116.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 Member status during the fishing year in which the permit transfer occurred must submit a written 20 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 30 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 1 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 2 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 3 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 4 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 5 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 6 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 7 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 8 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 9 Section 2, above. 15 10 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 11 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 12 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 13 Member status during the fishing year in which the permit transfer occurred must submit a written 20 14 request to the Board for consideration. The Board will have the authority to approve, conditionally 15 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 8 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 9 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 10 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 11 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 12 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 13 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 14 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 15 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 16 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 17 Section 2, above. 15 18 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 19 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 20 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 21 Member status during the fishing year in which the permit transfer occurred must submit a written 20 22 request to the Board for consideration. The Board will have the authority to approve, conditionally 23 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all of the transferring 9 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other 10 than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member in 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for the 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a Sector 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above.Section 15 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 Member status during the fishing year in which the permit transfer occurred must submit a written 20 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 10 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from 11 time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other 12 Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA 13 MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all 14 of the 9 transferring Member’s obligations under this Agreement as of the effective date of such 15 transfer. A 10 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit 16 from a Member 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate 17 in the Sector for 12 the balance of the fishing year during which the transfer occurs, and thereafter may 18 only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in 19 accordance with 14 Section 2, above. 15 20 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 21 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 22 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 23 Member status during the fishing year in which the permit transfer occurred must submit a written 20 24 request to the Board for consideration. The Board will have the authority to approve, conditionally 25 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 17 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 18 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 19 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 20 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 21 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 22 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 23 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 24 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 25 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 26 Section 2, above. 15 27 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 28 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 29 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 30 Member status during the fishing year in which the permit transfer occurred must submit a written 20 1 request to the Board for consideration. The Board will have the authority to approve, conditionally 2 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 19 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 20 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, 21 and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a 22 person who is not an Active Member unless such person assumes all of the 9 transferring Member’s 23 obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member 24 who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 25 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year 26 during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee 27 applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 28 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 29 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 30 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 1 Member status during the fishing year in which the permit transfer occurred must submit a written 20 3 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 23 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 24 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 25 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 26 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 27 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 28 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 29 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 30 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 1 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 2 Section 2, above. 15 3 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 4 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 5 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 6 Member status during the fishing year in which the permit transfer occurred must submit a written 20 7 request to the Board for consideration. The Board will have the authority to approve, conditionally 8 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 28 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 29 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 30 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 1 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 2 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 3 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 4 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 5 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 6 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 7 Section 2, above. 15 8 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 9 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 10 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 11 Member status during the fishing year in which the permit transfer occurred must submit a written 20 12 request to the Board for consideration. The Board will have the authority to approve, conditionally 13 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all of the transferring 9 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other 10 than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member in 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for the 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Xxxxxx 00 Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above.Section 15 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 Member status during the fishing year in which the permit transfer occurred must submit a written 20 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 23 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 24 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, 25 and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a 26 person who is not an Active Member unless such person assumes all of the 9 transferring Member’s 27 obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member 28 who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 29 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year 1 during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee 2 applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 3 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 4 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 5 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 6 Member status during the fishing year in which the permit transfer occurred must submit a written 20 7 request to the Board for consideration. The Board will have the authority to approve, conditionally 8 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 2 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 3 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 4 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 5 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 6 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 7 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 8 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 9 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 10 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 11 Section 2, above. 15 12 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 13 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 14 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 15 Member status during the fishing year in which the permit transfer occurred must submit a written 20 16 request to the Board for consideration. The Board will have the authority to approve, conditionally 17 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 12 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 13 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, 14 and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a 15 person who is not an Active Member unless such person assumes all of the 9 transferring Member’s 16 obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member 17 who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 18 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year 19 during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee 20 applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 21 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 22 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 23 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 24 Member status during the fishing year in which the permit transfer occurred must submit a written 20 25 request to the Board for consideration. The Board will have the authority to approve, conditionally 26 approve or deny such request. However, since NEFS IX is being authorized as a lease only sector, the Board 27 will not grant Active status in the event of a permit transfer.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 14 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 15 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 16 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 17 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 18 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 19 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 20 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 21 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 22 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 23 Section 2, above. 15 24 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 25 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 26 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 27 Member status during the fishing year in which the permit transfer occurred must submit a written 20 28 request to the Board for consideration. The Board will have the authority to approve, conditionally 29 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 Section 2, above.above.‌ 15 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 Member status during the fishing year in which the permit transfer occurred must submit a written 20 request to the Board for consideration. The Board will have the authority to approve, conditionally approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 21 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 22 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a 24 person who is not an Active Member unless such person assumes all of the 9 transferring Member’s 25 obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member 26 who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 27 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year 28 during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee 29 applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 1 15.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 2 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 3 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 4 Member status during the fishing year in which the permit transfer occurred must submit a written 20 5 request to the Board for consideration. The Board will have the authority to approve, conditionally 6 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 25 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 26 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 27 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 28 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 29 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 30 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 1 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 2 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 3 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 4 Section 2, above. 15 5 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 6 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 7 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 8 Member status during the fishing year in which the permit transfer occurred must submit a written 20 10 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 23 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 24 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 25 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 26 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 27 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 28 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 29 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 30 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 1 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 2 Section 2, above. 15 3 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 4 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 5 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 6 Member status during the fishing year in which the permit transfer occurred must submit a written 20 7 request to the Board for consideration. The Board will have the authority to approve, conditionally 8 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 Member, 23 subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 to time by 24 the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 Fishery Sectors, 25 and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 “MRI” permit to a 26 person who is not an Active Member unless such person assumes all of the 9 transferring Member’s 27 obligations under this Agreement as of the effective date of such transfer. A 10 person other than a Member 28 who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 in accordance with this Section 29 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 the balance of the fishing year 1 during which the transfer occurs, and thereafter may only remain a 13 Sector Member if such Transferee 2 applies for and is admitted to Sector membership in accordance with 14 Section 2, above. 15 15.13 16.1. The Transferee shall be deemed a Non-Active Non‐Active Member of the Sector, with 16 4 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 5 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 6 Member status during the fishing year in which the permit transfer occurred must submit a written 20 7 request to the Board for consideration. The Board will have the authority to approve, conditionally 8 approve or deny such request.

Permit Transfer/Sale. A Member may transfer a Permit to a party other than a 5 30 Member, subject to a Right of First Refusal (the “ROFR”), which may be adopted or amended from time 6 1 to time by the Board, in favor of Active Members of the Sector, Active Members of other Northeast 7 2 Fishery Sectors, and certain other parties. No Member may transfer such Member’s “LA MS” permit or 8 3 “MRI” permit to a person who is not an Active Member unless such person assumes all of the 9 4 transferring Member’s obligations under this Agreement as of the effective date of such transfer. A 10 5 person other than a Member who receives a Member’s “LA MS” permit or “MRI” permit from a Member 11 6 in accordance with this Section 15 (a “Transferee”) shall only be eligible to participate in the Sector for 12 7 the balance of the fishing year during which the transfer occurs, and thereafter may only remain a 13 8 Sector Member if such Transferee applies for and is admitted to Sector membership in accordance with 14 9 Section 2, above. 15 10 15.1. The Transferee shall be deemed a Non-Active Member of the Sector, with 16 11 no rights to harvest any Sector ACE, including but not limited to the ACE allocated to the Sector in 17 12 connection with the assets acquired under the Permit Offer. A Transferee wishing to acquire Active 18 13 Member status during the fishing year in which the permit transfer occurred must submit a written 20 14 request to the Board for consideration. The Board will have the authority to approve, conditionally 15 approve or deny such request.