Common use of Transfers Not Recognized Clause in Contracts

Transfers Not Recognized. Executive recognizes that his Executive Shares are subject to certain restrictions on transfer, including the Option, the Retention Agreement, and the Stockholders Agreement. Any sale, transfer or other disposition by Executive of all or a portion of the Executive Shares, or any interest therein, which is not made in conformity with the above restrictions, as well as any others in this Agreement or the Stockholders Agreement, shall be null and void, and the secretary of the Company or other person having custody and control of the stock transfer records of the Company shall not be required to recognize such sale, transfer, or other disposition, nor to issue a new stock certificate or certificates therefor unless or until the secretary or such other person shall have received written evidence satisfactory to counsel for the Company that the sale, transfer, or other disposition is made in conformity with and not in violation of the terms of this Agreement.