Common use of Restrictions on Transferability of the Shares Clause in Contracts

Restrictions on Transferability of the Shares. The Purchaser hereby agrees that the Purchaser shall not sell, assign, transfer, gift, devise, bequeath, deliver, pledge, hypothecate or otherwise dispose of any of the Shares, except as provided for in this Agreement. Any disposition or purported disposition of Shares in violation 4 4 of this Agreement shall be null and void and shall not be recorded on the books of the Company. Notwithstanding the foregoing: (a) Disposition of Vested Shares and Shares which are not Vested Shares. Shares which are "vested" in accordance with the following schedule (the "Vested Shares") may be disposed of in the manner set forth in Subsection (b) or (d) of this Section 5. Cumulative percentage of Shares which are Vested Shares On or before September 18, 1996....... 0% September 19, 1996 to September 18, 1997.................... 20 September 19, 1997 to September 18, 1998.................... 40 September 19, 1998 to September 18, 1999.................... 60 September 19, 1999 to September 18, 2000.................... 80

Restrictions on Transferability of the Shares. The Purchaser hereby agrees that the Purchaser shall not sell, assign, transfer, gift, devise, bequeath, deliver, pledge, hypothecate or otherwise dispose of any of the Shares, except as provided for in this Agreement. Any disposition or purported disposition of Shares in violation 4 4 of this Agreement shall be null and void and shall not be recorded on the books of the Company. Notwithstanding the foregoing: (a) Disposition of Vested Shares and Shares which are not Vested Shares. Shares which are "vested" in accordance with the following schedule (the "Vested Shares") may be disposed of in the manner set forth in Subsection (b) or (d) of this Section 5. Cumulative percentage of Shares which are Vested Shares ---------------- On or before September 1812, 1996....... 1997........................ 0% September 19, 1996 to September 18, 1997.................... 20 September 1913, 1997 to September 1812, 1998.................... 40 ..................................... 20 September 1913, 1998 to September 1812, 1999.................... 60 ..................................... 40 September 1913, 1999 to September 1812, 2000.................... 80..................................... 60 September 13, 2000 to September 12, 2001..................................... 80 On or after September 12, 2001......................... 100 Shares which are not Vested Shares (the "Unvested Shares") may be disposed of only in the manner set forth in Subsection (c) or (d) of this Section 5.

Restrictions on Transferability of the Shares. The Purchaser hereby agrees that the Purchaser shall not sell, assign, transfer, gift, devise, bequeath, deliver, pledge, hypothecate or otherwise dispose of any of the Shares, except as provided for in this Agreement. Any disposition or purported disposition of Shares in violation 4 4 of this Agreement shall be null and void and shall not be recorded on the books of the Company. Notwithstanding the foregoing: (a) Disposition of Vested Shares and Shares which are not Which Are Not Vested Shares. Shares which are "vested" in accordance with the following schedule (the "Vested Shares") may be disposed of in the manner set forth in Subsection (b) or (d) of this Section 5. Cumulative percentage Percentage of Shares which are Which Are Vested Shares ------------------------------ On or before September 18April 30, 1996....... 1998 ................ 0% September 19, 1996 to September 18, 1997.................... 20 September 19, 1997 to September 18, 1998.................... 40 September 19May 1, 1998 to September 18April 30, 1999.................... 60 September 19.............................. 33-1/3% May 1, 1999 to September 18April 30, 2000.................... 80.............................. 66-2/3%