Common use of Transfer of Capital Stock Clause in Contracts

Transfer of Capital Stock. If the FRANCHISEE is a corporation, then the shares of capital stock of the FRANCHISEE owned by the FRANCHISEE'S shareholders ("capital stock") may not be sold, pledged, assigned, traded, transferred or otherwise disposed of by the FRANCHISEE'S shareholders until the capital stock has been first offered to CITY LOOKS in writing under the same terms and conditions offered to any third party. In the event the FRANCHISEE'S shareholders desire to sell, assign, trade, transfer or dispose of their shares of capital stock, the FRANCHISEE'S shareholders will first offer them to CITY LOOKS in writing under the same terms and conditions as being offered to any third party. CITY LOOKS will have fifteen (15) business days within which to accept any shareholder's offer to sell, assign, trade, transfer or dispose of the capital stock. Notwithstanding the terms of this Article, the FRANCHISEE'S shareholders may bequeath, sell, assign, trade or transfer their capital stock to the other shareholders of the FRANCHISEE without first offering it to CITY LOOKS, provided that each proposed transferee shareholder who will be involved in the operations or management of the City Looks business has successfully completed CITY LOOKS' training program and has been certified by CITY LOOKS and is, in CITY LOOKS' reasonable judgment, qualified from a managerial and financial standpoint to operate the City Looks business in an economic and businesslike manner. The FRANCHISEE and the FRANCHISEE'S shareholders must provide CITY LOOKS with written notice of all such transactions, and the proposed transferee shareholders must agree to be personally liable under this Agreement and enter into a written agreement where they agree to perform all the terms and conditions contained in this Agreement. All shares of capital stock issued by the FRANCHISEE to its shareholders must bear the following legend: The shares of capital stock represented by this stock certificate are subject to a written Franchise Agreement which grants The Barbers, Hairstyling for Men & Women, Inc., the right of first refusal to purchase these shares of capital stock from the shareholder. Any person acquiring the shares of capital stock represented by this stock certificate will be subject to the terms and conditions of the Franchise Agreement between the company specified on the face of this stock certificate and The Barbers, Hairstyling for Men & Women, Inc., which includes provisions containing covenants not to compete that apply to all shareholders.

Transfer of Capital Stock. If the FRANCHISEE is a corporation, then the shares of capital stock of the FRANCHISEE owned by the FRANCHISEE'S shareholders ("capital stock") may not be sold, pledged, assigned, traded, transferred or otherwise disposed of by the FRANCHISEE'S shareholders until the capital stock has been first offered to CITY LOOKS WCH in writing under the same terms and conditions offered to any third party. In the event the FRANCHISEE'S shareholders desire to sell, assign, trade, transfer or dispose of their shares of capital stock, the FRANCHISEE'S shareholders will first offer them to CITY LOOKS WCH in writing under the same terms and conditions as being offered to any third party. CITY LOOKS WCH will have fifteen (15) business days within which to accept any shareholder's offer to sell, assign, trade, transfer or dispose of the capital stock. Notwithstanding the terms of this Article, the FRANCHISEE'S shareholders may bequeath, sell, assign, trade or transfer their capital stock to the other shareholders of the FRANCHISEE without first offering it to CITY LOOKSWCH, provided that each proposed transferee shareholder who will be involved in the operations or management of the City Looks business We Care Hair Business has successfully completed CITY LOOKS' WCH'S training program and has been certified by CITY LOOKS WCH and is, in CITY LOOKS' WCH'S reasonable judgment, qualified from a managerial and financial standpoint to operate the City Looks business We Care Hair Business in an economic and businesslike manner. The FRANCHISEE and the FRANCHISEE'S shareholders must provide CITY LOOKS WCH with written notice of all such transactions, and the proposed transferee shareholders must agree to be personally liable under this Agreement and enter into a written agreement where they agree to perform all the terms and conditions contained in this Agreement. All shares of capital stock issued by the FRANCHISEE to its shareholders must bear the following legend: The shares of capital stock represented by this stock certificate are subject to a written Franchise Agreement which grants The Barbers, Hairstyling for Men & WomenWCH, Inc., the right of first refusal to purchase these shares of capital stock from the shareholder. Any person acquiring the shares of capital stock represented by this stock certificate will be subject to the terms and conditions of the Franchise Agreement between the company specified on the face of this stock certificate and The Barbers, Hairstyling for Men & WomenWCH, Inc., which includes provisions containing covenants not to compete that apply to all shareholders.

Transfer of Capital Stock. If the FRANCHISEE is a corporation, then the shares of capital stock of the FRANCHISEE owned by the FRANCHISEE'S shareholders ("capital stock") may not be sold, pledged, assigned, traded, transferred or otherwise disposed of by the FRANCHISEE'S shareholders until the capital stock has been first offered to CITY LOOKS COST CUTTERS in writing under the same terms and conditions offered to any third party. In the event the FRANCHISEE'S shareholders desire to sell, assign, trade, transfer or dispose of their shares of capital stock, the FRANCHISEE'S shareholders will first offer them to CITY LOOKS COST CUTTERS in writing under the same terms and conditions as being offered to any third party. CITY LOOKS COST CUTTERS will have fifteen (15) business days within which to accept any shareholder's offer to sell, assign, trade, transfer or dispose of the capital stock. Notwithstanding the terms of this Article, the FRANCHISEE'S shareholders may bequeath, sell, assign, trade or transfer their capital stock to the other shareholders of the FRANCHISEE without first offering it to CITY LOOKSCOST CUTTERS, provided that each proposed transferee shareholder who will be involved in the operations or management of the City Looks business Cost Cutters Business has successfully completed CITY LOOKSCOST CUTTERS' training program and has been certified by CITY LOOKS COST CUTTERS and is, in CITY LOOKSCOST CUTTERS' reasonable judgment, qualified from a managerial and financial standpoint to operate the City Looks business Cost Cutters Business in an economic and businesslike manner. The FRANCHISEE and the FRANCHISEE'S shareholders must provide CITY LOOKS COST CUTTERS with written notice of all such transactions, and the proposed transferee shareholders must agree to be personally liable under this Agreement and enter into a written agreement where they agree to perform all the terms and conditions contained in this Agreement. All shares of capital stock issued by the FRANCHISEE to its shareholders must bear the following legend: The shares of capital stock represented by this stock certificate are subject to a written Franchise Agreement which grants The Barbers, Hairstyling for Men & Women, Inc., the right of first refusal to purchase these shares of capital stock from the shareholder. Any person acquiring the shares of capital stock represented by this stock certificate will be subject to the terms and conditions of the Franchise Agreement between the company specified on the face of this stock certificate and The Barbers, Hairstyling for Men & Women, Inc., which includes provisions containing covenants not to compete that apply to all shareholders.:

Transfer of Capital Stock. If the FRANCHISEE is a corporation, then the shares of capital stock of the FRANCHISEE owned by the FRANCHISEE'S shareholders ("capital stock") may not be sold, pledged, assigned, traded, transferred or otherwise disposed of by the FRANCHISEE'S shareholders until the capital stock has been first offered to CITY LOOKS COST CUTTERS in writing under the same terms and conditions offered to any third party. In the event the FRANCHISEE'S shareholders desire to sell, assign, trade, transfer or dispose of their shares of capital stock, the FRANCHISEE'S shareholders will first offer them to CITY LOOKS COST CUTTERS in writing under the same terms and conditions as being offered to any third party. CITY LOOKS COST CUTTERS will have fifteen (15) business days within which to accept any shareholder's offer to sell, assign, trade, transfer or dispose of the capital stock. Notwithstanding the terms of this Article, the FRANCHISEE'S shareholders may bequeath, sell, assign, trade or transfer their capital stock to the other shareholders of the FRANCHISEE without first offering it to CITY LOOKSCOST CUTTERS, provided that each proposed transferee shareholder who will be involved in the operations or management of the City Looks business Cost Cutters Business has successfully completed CITY LOOKSCOST CUTTERS' training program and has been certified by CITY LOOKS COST CUTTERS and is, in CITY LOOKSCOST CUTTERS' reasonable judgment, qualified from a managerial and financial standpoint to operate the City Looks business Cost Cutters Business in an economic and businesslike manner. The FRANCHISEE and the FRANCHISEE'S shareholders must provide CITY LOOKS COST CUTTERS with written notice of all such transactions, and the proposed transferee shareholders must agree to be personally liable under this Agreement and enter into a written agreement where they agree to perform all the terms and conditions contained in this Agreement. All shares of capital stock issued by the FRANCHISEE to its shareholders must bear the following legend: The shares of capital stock represented by this stock certificate are subject to a written Franchise Agreement which grants Cost Cutters, a division of The Barbers, Hairstyling for Men & Women, Inc., the right of first refusal to purchase these shares of capital stock from the shareholder. Any person acquiring the shares of capital stock represented by this stock certificate will be subject to the terms and conditions of the Franchise Agreement between the company specified on the face of this stock certificate and Cost Cutters, a division of The Barbers, Hairstyling for Men & Women, Inc., which includes provisions containing covenants not to compete that apply to all shareholders.