Permitted Exemptions. The participation rights of Investor shall not apply to (a) any pledge of Common Stock made by the Founders pursuant to a bona fide loan transaction that creates a mere security interest, (b) any transfer to the Founders' ancestors or descendants or spouse or to a trustee for their benefit, or (c) any bona fide gift. Any such pledgee, transferee or donee shall be known as a "Permitted Transferee."
Appears in 4 contracts
Samples: Shareholder Agreement (Oz Com), Shareholder Agreement (Gudjonsson Gudjon Mar), Shareholder Agreement (Gudjonsson Gudjon Mar)
