Common use of Restrictions on Transfer of Executive Securities Clause in Contracts

Restrictions on Transfer of Executive Securities. This Section 6 shall apply to any proposed Transfer of Executive Securities. Notwithstanding anything to the contrary contained herein, a Transfer of Executive Securities shall not be valid or have any force or effect unless (i) such Transfer is made in accordance with the provisions of this Agreement, (ii) such Transfer would not result in a violation of any applicable federal or state securities law, and (iii) the intended transferee of such Transfer is not engaged in a Competing Business, has not been engaged in a Competing Business in the immediately preceding two years, or is not developing a Competing Business.

Restrictions on Transfer of Executive Securities. This Section 6 shall apply to any proposed Transfer of Executive Securities. Notwithstanding anything to the contrary contained herein, a Transfer of Executive Securities shall not be valid or have any force or effect unless (i) such Transfer is made in accordance with the provisions of this Agreement, (ii) such Transfer would not result in a violation of any applicable federal or state securities law, and (iii) the intended transferee of such Transfer is not engaged in a Competing Competitive Business, has not been engaged in a Competing Competitive Business in the immediately preceding two years, or and is not developing a Competing Competitive Business.

Restrictions on Transfer of Executive Securities. This Section 6 5 shall apply to any proposed Transfer of Executive Securities. Notwithstanding anything to the contrary contained herein, a Transfer of Executive Securities shall not be valid or have any force or effect unless (ia) such Transfer is made in accordance with the provisions of this Agreement, (iib) such Transfer would not result in a violation of any applicable federal or state securities law, and (iiic) in the reasonable determination of the Board, the intended transferee of such Transfer is not engaged in a Competing the Business, has not been engaged in a Competing the Business in the immediately preceding two (2) years, or and is not developing a Competing preparing to engage in the Business.