Block Transfers definition
Block Transfers means any sale, transfer, conveyance or other disposition of 5% or more of the Fully Diluted Common Stock, in one or a series of related transactions, to a single purchaser or group of purchasers that would be a "person" for purposes of Section 13(d)(3) of the Exchange Act, whether or not pursuant to a Public Offering. Notwithstanding the foregoing, the term "Block Transfer" shall not apply to any distribution by any Person to holders of equity interests in such Person (whether or not such holders might otherwise collectively be deemed a person for purposes of Section 13(d)(3) of the Exchange Act), except to the extent that any individual acquires 5% or more of the Fully Diluted Common Stock, and then only with respect to such individual.
Block Transfers has the meaning specified in Section 10.3(e).
Examples of Block Transfers in a sentence
Block Transfers In respect of some classes of insurance we may operate block insurance arrangements in order to provide competitive terms.
Notwithstanding any of the transfer restrictions set forth in Section 5, 6 (a), 7 or 8, after the date the Company's equity is Actively Publicly Traded, any Stockholder may Transfer any or all of such Securities in a Public Offering or to the public through a broker, dealer or market maker pursuant to Rule 144, subject to applicable lock-ups or applicable law without complying with such restrictions; PROVIDED that Block Transfers will be subject to the tag-along rights set forth in Section 8.