Common use of Transfer of Employee Shares Clause in Contracts

Transfer of Employee Shares. Except as otherwise set forth in Sections 3, 4 and 6, the Employee shall not sell, transfer, convey, exchange, give, assign or pledge all or any part of the Shares owned by him or her or any securities convertible into or exchangeable for the Shares, whether now owned or later acquired, to any Person (other than to the Employee’s spouse and descendants or any trust established solely for the benefit of the Employee and/or the Employee’s spouse and/or descendants (“Permitted Transferees”)), provided that all such Permitted Transferees first agree in writing to comply with the terms and provisions hereof. Employee may not sell, transfer, convey, exchange, give, assign or pledge all or any part of the Shares while an employee of the Company, except to a Permitted Transferee or as otherwise allowed under Section 6. Any attempted transfer not perfected in accordance with this Agreement shall be void and shall not transfer ownership in, title to, or any rights respecting the Shares.