No Circumvention of Transfer Restrictions. Each Participant agrees that the Transfer restrictions in this Agreement may not be avoided by the holding of Equity Securities directly or indirectly through a Person that was formed solely for purposes of holding Equity Securities, and undertaking a Transfer of equity securities of such Person, the principal purpose of which is to indirectly dispose of an interest in Common Stock free of such restrictions, if such Transfer results in a substantial ownership interest or controlling interest (direct or indirect) in the Company being held other than by such Person, whether directly or indirectly. Any Transfer of any Equity Securities, directly or indirectly, of a Person that was formed solely for purposes of holding shares of Common Stock, the principal purpose of which Transfer was to dispose of (directly or indirectly) the Common Stock held by the Person, that results in a substantial ownership interest or controlling interest (direct or indirect) in the Company being held other than by such Person, whether directly or indirectly, shall be treated as being a Transfer of the Common Stock held by the applicable Participant in violation of this Agreement.
No Circumvention of Transfer Restrictions. (i) Each Member agrees that the Transfer restrictions in this Agreement may not be avoided by the holding of Units directly or indirectly through a Person that can itself be sold in order to dispose of an interest in Units free of such restrictions. Any Transfer of any securities (or other interest) resulting in any change in the control, directly or indirectly, of a Member or of any other Person having control, directly or indirectly, over any such Member shall be treated as being a Transfer of the Units held by such Member, and the provisions of this Agreement that apply in respect of the Transfer of Units shall thereupon apply in respect of the Units so held; provided, that a change in control of either the HC2 Member Parent or the Fugro Member Parent shall not constitute a Transfer of Units.
No Circumvention of Transfer Restrictions. Each Member agrees that the Transfer restrictions in this Agreement may not be avoided by the holding of Units of the Company directly or indirectly through another entity that can itself be sold in order to dispose of Units of the Company free of such restrictions. Any Transfer of an interest in an entity having a direct or indirect interest in Units of the Company (other than to a Permitted Transferee) resulting in any change in the control, directly or indirectly, of a Member shall be treated as being a Transfer of the Units of the Company held by that Member, and the provisions of this Agreement that apply in respect of the Transfer of Units of the Company shall thereupon apply in respect of the Units of the Member so held (and no such Member shall cooperate with or cause any such Transfer unless the provisions of this Article IX and Article X are complied with).
No Circumvention of Transfer Restrictions. Each Founder Entity agrees that the Transfer restrictions in this Agreement may not be avoided by the holding of Restricted Securities directly or indirectly through a Person that was formed solely for purposes of holding Restricted Securities, and undertaking a Transfer of equity securities of such Person, the principal purpose of which is to indirectly dispose of an interest in Restricted Securities free of such restrictions, if such Transfer results in a substantial ownership interest or controlling interest (direct or indirect) in the Company being held other than by such Person, whether directly or indirectly. Any Transfer of any Equity Securities, directly or indirectly, of a Person that was formed solely for purposes of holding Restricted Securities, the principal purpose of which Transfer was to dispose of (directly or indirectly) the Restricted Securities held by the Person, that results in a substantial ownership interest or controlling interest (direct or indirect) in the Company being held other than by such Person, whether directly or indirectly, shall be treated as being a Transfer of the Restricted Securities held by the applicable Founder Entity in violation of this Agreement.
