Common use of TRANSFER BY PLEDGORS Clause in Contracts

TRANSFER BY PLEDGORS. Each of the Pledgors will not sell, assign, transfer or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber the Pledged Shares or any interest therein. Notwithstanding the foregoing, the Pledgors shall have the right to convert into Common Stock such number of Pledged Shares identified on Schedule I so as to allow each of the Pledgors to sell up to 125,000 shares of Common Stock per month through June 30, 2009, provided that such shares of Common Stock are sold at a price not less than $0.05 per share.