Common use of Transfer of Executive Stock Clause in Contracts

Transfer of Executive Stock. Executive will not sell, pledge, transfer or otherwise dispose of (a "Transfer") any interest in any shares of Executive Stock, except (i) pursuant to the provisions of Sections 3, 4 or 8 hereof, (ii) pursuant to applicable laws of descent and distribution, or (iii) among Executive's Family Group; provided, that the restrictions contained in this Section 5 will continue to be applicable to the shares of Executive Stock after any Transfer of the type referred to in clause (ii) or (iii) above and, as a condition to any such Transfer, the transferees of such shares of Executive Stock must agree in writing to be bound by the provisions of this Agreement. Any transferee of Executive Stock pursuant to a Transfer in accordance with clause (ii) or (iii) above is herein referred to as a "Permitted Transferee." Upon the proposed Transfer of Executive Stock pursuant to clause (ii) or (iii) above, Executive or a Permitted Transferee Transferring such Executive Stock will deliver a written notice (a "Transfer Notice") to the Company, which discloses in reasonable detail the identity of the Permitted Transferee(s).