Executives. Each Executive shall not transfer any of his Shares in a private sale (excluding market transactions), except in accordance with Section 6 of this Agreement. In addition, each Executive has not transferred since March 16, 1999 through the date of this Agreement and shall not transfer any of his Shares, including Shares acquired by the exercise of stock options, in a market transaction until after the Company publicly announces its earnings for the second quarter of fiscal year 1999 (the "Earnings Announcement"). Each Executive agrees that in the event that he has transferred since March 16, 1999 or does transfer any of his Shares in a market transaction prior to the Earnings Announcement, he shall immediately pay to the Company the amount of any gain he realized on such transfer to the extent that the purchase price paid for his Shares in such transaction exceeded $2.25 per share.
Appears in 3 contracts
Sources: Common Stock Purchase Agreement (Microfield Graphics Inc /Or), Share Ownership, Voting and Right of First Refusal Agreement (Reed Randall R), Share Ownership, Voting and Right of First Refusal Agreement (Steelcase Inc)