Common use of Automatic Transfer Clause in Contracts

Automatic Transfer. If an Offering Stockholder (a "Required Transferor") is required to Transfer shares of Stock to the other Purchaser (the "Transferee Stockholder") pursuant to this Agreement and the Required Transferor is unable or unwilling to Transfer such shares of Stock on or prior to the closing date for such Transfer, then, on such closing date, upon payment of the purchase price therefor by the Transferee Stockholder to the Company to hold in a segregated account for the benefit of the Required Transferor and compliance by the Transferee Stockholder with the remaining terms of such Transfer, the shares of Stock owned by the Required