Common use of TRANSFER SUBJECT TO AGREEMENT Clause in Contracts

TRANSFER SUBJECT TO AGREEMENT. No Shareholder may, directly or indirectly, transfer (as hereafter defined) the whole or any part of the Shares, or the certificate or certificates representing same, or any interest therein, except as hereafter expressly permitted by this Agreement. The term “transfer,” as herein used, shall include any sale, assignment, gift, mortgage, pledge, hypothecation, bequest, encumbrance or disposition, or any transfer as a result of any voluntary or involuntary legal proceedings, execution, sale, bankruptcy, insolvency, or otherwise, of any of the shares. Any transfer of all or any part of the shares in violation of this Agreement shall be null and void.